Archie Hesse, CEO of Ghana Interbank Payment and Settlement Systems (GhIPSS) has stated that most people including businesses are moving into the instant payment digital platforms because it has been modernized to suit or meet their needs. According to him, his outfit has been able to create convenience in the use of digital platforms in the country making it easier for customers to embrace the products.

“So, the convenience has made it easier for both individuals and corporate, banks and various sectors to embrace the product. As you rightly know, everybody is in a hurry and the world now move towards instant payments. Instant payment means that when transactions occur, the merchant or the business will receive their funds instantly”.

He made this remarks whilst speaking on the state of Ghana’s infrastructure and the cash lite agenda on the business edition of PM Express on Thursday night.

According to him, patronage of digital services in the country is still on the rise with the most use being the transfer from same mobile network.

“These real time payments, the volumes are really galloping”.

Also, Archie Hesse indicated that Ghana has the required infrastructure to move into a cash lite economy. He noted that patronage of these platforms are on the rise in terms of their volume of usage.

Payment systems

He informed that in the world of payments there are three main platforms. One of them is the clearing house which comprise of the cheque payments, the batch payment and the ACH Direct credit. He maintained that cheque clearance in the country is currently very fast and swift.

“In Ghana, as we speak, when we look at cheque clearing, its cleared same day or next day. This is what is happening right now. Then, we also have the ACH Direct credit which is mainly used for salary payments. We also have the express, which means that within four hours you will be paid and the next day as well”.

Recognizing the need for bulk payments, he indicated that his outfit made provisions to bring on board platforms which can support that. This, according to him, led to the introduction of the ACH Direct Credit Near Real–Time.

“Somewhere last year, we introduced the ACH Direct Credit Near Real-Time. So, in Ghana, we are able to effect bulk payments which is not section based and beneficiary accounts are credited within 50 minutes. These are remarkable products that we have!”

Card services

Touching on the card services, Mr. Hesse enumerated a host of platforms that are available for digital payments in the country.

“When we come to the card services as well, in Ghana, we have what we call the GH Link services. Which means that if you have your card from Bank A, you are able to use Bank B’s ATM, Point of Sale Device as well as E-commerce”.

Also, Mr. Hesse indicated that the e-zwich is one of the most widely used digital payment platforms in the country. He explained that it’s very efficient as it helps the government especially, to make bulk payments to beneficiaries.

“…We also have the e-zwich platform which is heavily used by government for bulk verified payments. As we speak, most government agencies use the e-zwich platform to make payments. We are talking about the National Service, the LEAP, the social grants, the student nurses, the school feeding programs and so on and so forth. It’s mainly used by the transport sector, the health sector, and the gender ministry as well as Agric. So, government is really using the e-zwich platform for payment”.

Furthermore, Mr. Hesse indicated that the interoperability enables customers to move cash from one bank account to another or from a mobile account to a bank account. This is also making it easier to transact without necessary going to the banking hall.