• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, October 22, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

GhIPSS CEO Calls on Ghanaians to Patronise the GhanaPay Platform

M.Cby M.C
October 4, 2022
Reading Time: 4 mins read
M.Cby M.C
in Banking, Sub Top Stories2
0
GhIPSS CEO Calls on Ghanaians to Patronise the GhanaPay Platform

Mr. Archie Hesse, the Chief Executive Officer (CEO) of Interbank Payment and Settlement Systems (GhIPSS), has urged the public to sign on to GhanaPay to experience the convenience and efficiency that comes with the mobile service.

According to the CEO of Interbank Payment and Settlement Systems, the service is designed to give the user maximum utility. Mr. Hesse noted that GhanaPay has augmented services that are beneficial to the user, adding that those who have signed onto it have found it very useful.

“GhanaPay is similar to mobile money, but it has additional features, and it is a shared service offered by universal banks, rural banks, and savings and loans companies to individuals and businesses.”

Mr. Archie Hesse

The Chief Executive of GhIPSS explained that the addition of GhanaPay to existing electronic payment services is part of efforts to deepen the use of electronic payment channels and reduce cash transactions. He said GhIPSS and the financial institutions would continue to roll out some activities across the country to educate the public and promote the use of the service.

RelatedPosts

Ghana’s Banking Sector Loses Nearly GH¢100m to Fraud — BoG Report Reveals

Countdown to GH¢100K Grand Prize Begins as Fidelity’s ‘Sika Bumm Reloaded’ Heats Up

GSE Ends September with a Bang — Composite Index Climbs Past 8,000 Points in Spectacular Market Comeback

In the intervening time, users of GhanaPay can perform several transactions including cash-in and cash-out, as well as pay bills, pay GhQR merchants, and buy airtime and data. The service can also be used to request a statement, make a complaint, or send feedback.

Mr. Hesse said other enhanced services will be added to meet the changing needs of the banking public. He indicated that GhanaPay is remarkably different and urged financial institutions to find innovative ways to inform the public about the need to enjoy the GhanaPay experience.

GhanaPay Poised to Boost Mobile Money Penetration

The Ghana Association of Bankers (GAB) predicted that its mobile money product, GhanaPay is poised to boost mobile money penetration in Ghana from the current 58% to 85% by the close of next year. 

ADVERTISEMENT

The GAB, while explaining the rationale behind the GhanaPay said, “In line with the accelerated Execution of National Financial Inclusion and Development strategy– Banks are joining in on this national agenda to increase the adult population’s access to formal financial services from 58% to 85% by 2023.”

Banks are partners of all the mobile money platforms in the country, and they hold the actual cash value of electronic money on all digital wallets. So, there were concerns about conflict of interest regarding GhanaPay. However, GAB explained that the main objective of the GhanaPay product and service is to level the playing field for both the banked and unbanked segments of the population, adding that the current mobile money penetration is 58%, which is a clear indication that the market is not saturated.

GAB said it is not interested in disturbing the mobile customers of the existing players – MTN Mobile Money, AirtelTigo Money, Vodafone Cash, GMoney, Zeepay, and Yup, adding that the focus is to bridge the huge gap in the market, so, the strategy would be to rope in new customers altogether.

“Consumers are always exploring channels to conduct business and meet their lifestyle needs and GhanaPay intends to close the gap rather than to churn existing users,” it stated.

GAB is, therefore, leveraging the “impressive” mobile money interoperability (MMI) platform of the Ghana Interbank Payments and Settlement System (GhIPSS) to accelerate adoption and boost inclusion. “GhanaPay is all about inclusion. Banks are creating a win-win situation for all players by leveraging the impressive interoperability,” it said.

The other selling point for GhanaPay is that it offers completely free transfers of all amounts to all wallets across all networks. That free transfer policy boosted Vodafone Cash’s market position to number two, and GAB is confident it will drive the adoption of GhanaPay as well.

According to GAB, it will fall on all bank branches across the country as GhanaPay agents and also take applications from all interested individual mobile money agents to drive the adoption of GhanaPay.

“Banks have always played a critical role in building the mobile money ecosystem; banks have heavily invested in building an enabling mobile technology infrastructure embedded with state-of-the-art security, which all players are benefiting from; and would continue to do so by taking advantage of new services such as agency banking.”

GAB

Vice-President Bawumia launched the GhanaPay in the middle of June 2022, and it has since witnessed significant uptake by the public. GhIPSS, together with the partner financial institutions, has embarked on some activities to create awareness and drive patronage for the service.

READ ALSO: Societe Generale Securities Services Partners Societe Generale Ghana to Launch New Securities Custody offer in Ghana

Tags: GABsGhanaPayGhIPSSZeepay
Please login to join discussion
Previous Post

North Korea Fires Missile Over Japan

Next Post

Siemens Healthineers Partners With RAD-AID To Support Radiology Education In Ghana, Kenya And Tanzania

Subscription Form

Related Posts

Ghana’s Banking Sector Loses Nearly GH¢100m to Fraud — BoG Report Reveals
Banking

Ghana’s Banking Sector Loses Nearly GH¢100m to Fraud — BoG Report Reveals

October 21, 2025
Countdown to GH¢100K Grand Prize Begins as Fidelity’s ‘Sika Bumm Reloaded’ Heats Up
Banking

Countdown to GH¢100K Grand Prize Begins as Fidelity’s ‘Sika Bumm Reloaded’ Heats Up

October 20, 2025
GSE Ends September with a Bang — Composite Index Climbs Past 8,000 Points in Spectacular Market Comeback
Securities/Markets

GSE Ends September with a Bang — Composite Index Climbs Past 8,000 Points in Spectacular Market Comeback

October 20, 2025
Zenith Bank Ghana at 20: CEO Henry Onwuzurigbo Pledges New Era of Innovation and Excellence
Banking

Zenith Bank Ghana at 20: CEO Henry Onwuzurigbo Pledges New Era of Innovation and Excellence

October 19, 2025
BoG Ends UBA’s FX Suspension After Satisfactory Remedial Measures
Banking

BoG Ends UBA’s FX Suspension After Satisfactory Remedial Measures

October 18, 2025
Ghana Stock Exchange Ends Week Strong As GSE Financial Stocks Surge 2.9% in a Week
Securities/Markets

Ghana Stock Exchange Ends Week Strong As GSE Financial Stocks Surge 2.9% in a Week

October 18, 2025
Big Push: Mahama Cuts Sod for Several Road Construction in Volta Region
General News

Big Push: Mahama Cuts Sod for 73.6km Cape Coast–Takoradi Dual Carriageway, Pledges Rapid Completion 

by evansjrOctober 21, 2025
A member of a forensic team inspects a window believed to have been used in a robbery at the Louvre Museum in Paris, France, on October 19, 2025.
Europe

Louvre Heist Losses Estimated Around €88m

by Comfort AmpomaaOctober 21, 2025
Old Mutual Ghana Champions Stakeholder Care with GH¢130K Group Welfare Payout
Insurance

Old Mutual Ghana Champions Stakeholder Care with GH¢130K Group Welfare Payout

by M.COctober 21, 2025
Haruna Iddrisu Champions Collaboration, Advocates UDS Bill at Conference
General News

Minority Leader Condemns Dismissals and Erosion of Rule of Law As Parliament Resumes 

by Silas Kafui AssemOctober 21, 2025
Speaker Bagbin Swears in Two Members of Parliament
General News

Speaker Bagbin Swears in Two Members of Parliament

by Emmanuel Tibila BoasahOctober 21, 2025
24-Hour Economy Cost Underestimated, Sarkodie Bemoans
Economy

24-Hour Economy Cost Underestimated, Sarkodie Bemoans

by Michael Teye-Bio NaduteyOctober 21, 2025
Big Push: Mahama Cuts Sod for Several Road Construction in Volta Region
A member of a forensic team inspects a window believed to have been used in a robbery at the Louvre Museum in Paris, France, on October 19, 2025.
Old Mutual Ghana Champions Stakeholder Care with GH¢130K Group Welfare Payout
Haruna Iddrisu Champions Collaboration, Advocates UDS Bill at Conference
Speaker Bagbin Swears in Two Members of Parliament
24-Hour Economy Cost Underestimated, Sarkodie Bemoans

Recent News

Big Push: Mahama Cuts Sod for Several Road Construction in Volta Region

Big Push: Mahama Cuts Sod for 73.6km Cape Coast–Takoradi Dual Carriageway, Pledges Rapid Completion 

October 21, 2025
A member of a forensic team inspects a window believed to have been used in a robbery at the Louvre Museum in Paris, France, on October 19, 2025.

Louvre Heist Losses Estimated Around €88m

October 21, 2025
Old Mutual Ghana Champions Stakeholder Care with GH¢130K Group Welfare Payout

Old Mutual Ghana Champions Stakeholder Care with GH¢130K Group Welfare Payout

October 21, 2025
Haruna Iddrisu Champions Collaboration, Advocates UDS Bill at Conference

Minority Leader Condemns Dismissals and Erosion of Rule of Law As Parliament Resumes 

October 21, 2025
Speaker Bagbin Swears in Two Members of Parliament

Speaker Bagbin Swears in Two Members of Parliament

October 21, 2025
24-Hour Economy Cost Underestimated, Sarkodie Bemoans

24-Hour Economy Cost Underestimated, Sarkodie Bemoans

October 21, 2025
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.

Discover the Details behind the story

Get an in-depth analysis of the news from our top editors

Enter your email address