As part of efforts to promote and encourage the use of digital payment options to limit the possible spread of the Coronavirus through physical cash, the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) has waived off fees on all electronic payments services used by its partner financial service providers.
The fee waiver which is set to be introduced from Monday, 23rd of March, 2020 is regardless of the volume and value of transactions.
In a statement, the GhIPSS states that this is “pursuant to the measures outlined by the Central bank of Ghana, as part of efforts to contain the impact of the COVID-19 pandemic on the Ghanaian economy and also to promote the use of electronic payment services.”
It further notes that all Banks, Fintechs & Mobile Money Operators, leveraging its numerous platforms to offer electronic payment services to the general public shall not incur any service charges.
“For customers who do business through Mobile Money Interoperability (MMI), all cross wallet transactions shall not attract any fee from GhIPSS. For GhIPSS Instant Pay (GIP), Banks & Fintechs offering Instant Pay services to their respective customers shall also not pay any service charge to GhIPSS. And for banks leveraging the ACH Direct Credit platform for bulk payments such as salaries; on behalf of their corporate Institutions shall also not incur any service charge from GhIPSS,” the statement added.
The company is also urging all partner banks, Fintechs and Mobile Money Service Providers to make these services available to customers on their various digital and mobile payment platforms (mobile app, internet banking, USSD etc.)
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