Patronage for Instant Pay goes up

Accra, July 25, GNA – Patronage for Instant
Pay has witnessed significant surge, indicating public interest in the
electronic payment system, which is the quickest interbank payment channel in
the country.

The Instant Pay service is the latest
initiative by the Ghana Interbank Payment system (GhIPSS) that allows the
transfer of funds from one account to another of a different bank in a matter
of seconds.

Latest figures from GhIPSS suggest that in the
first quarter of this year, 1,254 Instant Pay transactions took place but the
number had gone up by some 472.6 per cent to 7,181 transactions by the end of
the second quarter.

The value of the transactions was worth about
5.5 million Ghana cedis in the first quarter and more than 16 million Ghana
cedis by the end of the second quarter, a growth of almost 200 per cent.

Mr. Archie Hesse, the Chief Executive Officer
of GhIPSS, said Instant Pay was “as good as cash but even more secured”.

He explained that with the service, money in
the bank account could be quickly moved around even faster than cash, urging
the public to request for it anytime they needed to make quick payments.

“Banks are offering instant pay as internet
banking and on mobile phones so you don’t need to step out to send huge or
small sums of money and the recipient will get it immediately,” he added.

Instant Pay and mobile money have been tipped
as the two electronic payment services that can speed up financial inclusion in

Mr. Hesse said Instant Pay would boost
confidence in the banking system as it empowered customers to send and receive
money instantly, although the funds were actually held in their bank

He, therefore, urged the banks to continue to
create awareness as it could form strong basis to rope in the unbanked,
particularly, those in the vibrant informal sector.

GIP went live late last year and has been
recording impressive patronage by the banking public. Most of the banks have
customised the service and allow their customers to use both online and mobile
phone applications to access it.

Interbank transfer, which used to be a
nightmare in Ghana, has become a common and easy transaction.

Currently, apart from cheques, interbank
transfers can also be done through Automated Clearing House (ACH).

However, these services take at least 24 hours
for the transaction to be effected except under the express service window,
which takes a couple of hours at the minimum. 

The introduction of the Instant Pay, which
ensures that the interbank transfer is immediate, comes handy for businesses
and individuals who need to urgently send or receive money.


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