BusinessFinancial ServicesGhana

GhIPSS Instant Pay volume up by 600% in the first half of 2020

Use of the GhIPSS Instant Pay (GIP) service continues to experience huge jumps in volume as more people across Ghana turn to the service

The Ghana Interbank Payment and Settlement System (GhIPSS) says the transaction volume for its GhIPSS Instant Pay (GIP) service has gone up by almost 600% in the first half of 2020 compared with the same period last year.

The transaction volume for GIP at the end of June 2020 stood at 2.45 million, against 350,666 over the same period in 2019.

GIP is an electronic payment system that enables a customer to transfer money from one bank account to a different bank account or a mobile money wallet – and do so instantly.

Archie Hesse, chief executive officer of GhIPSS, said the persistent growth in GIP transactions was largely because it had allowed people to make and receive payments instantly even without visiting a bank.

“With increasing advocacy for electronic payment options due to the coronavirus pandemic, it is anticipated that GIP will continue to enjoy high usage,” Hesse said.

Though instant pay can be accessed by visiting a bank, it is mostly available on the various internet and mobile banking platforms of financial institutions.

Many fintechs also ride on GIP technology for their money transfer services.

Broader public education

Hesse said GhIPSS will enhance public education on GIP to ensure that more people become aware of the service and start to use it, making any payments they have to effect more convenient and efficient.

He hopes that GIP will continue to register growth in patronage as more people turn to electronic forms of payments.

With the growth of GIP and mobile money interoperability, two very important payment interventions, and their increasingly common use, Ghanaians who do not own a bank account or have any formal relationship with a banking institution can be included in the formal financial sector, Hesse said.

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