Archie Hesse, chief executive of Ghana Interbank Payment and Settlement Systems (GhIPSS), said the Central Bank will make it compulsory for financial institutions to activate the Universal GHQR Code this year.
The move is expected to facilitate electronic transaction and make it less costive for users.
The GhIPPSS boss revealed this at a virtual media briefing on his outfit’s performance for last year in Accra.
Per the figures shared by the CEO, real time electronic payments portfolio, comprising mobile money interoperability (MMI), GHQR Code, Proxy Pay and GhIPSS Instant Pay (GIP) closed the year with the strongest performance, compared to their performance the previous year.
In all, they recorded a total of 50.7 million transactions with a corresponding value of GHS15 billion, compared to just 11.3 million transactions and a relative value of GHS2.7 billion in 2019.
Mobile money interoperability recorded a strong performance as it processed a total of 43.9 million transactions, representing a 367% increase from nine million transactions processed in 2019.
About Ghana’s Universal QR Code
Ghana in November last year became the first country in Africa and third country in the world to roll out a national Quick Response (QR) Code payment system, following the formal outdooring of Ghana’s Universal QR Code.
Ghana’s Universal QR Code, unique in its ability to meet the needs of both banked and unbanked customers, is the first of its kind in the world.
Fred Dzakpata
* Asaase Radio 99.5 – tune in or log on to broadcasts online
Follow us on Twitter: @asaaseradio995
#asaaseradio #TVOL
