Business Hilights

Tracking Nigeria's Headline Business News Online

Fintech 55

How mobile money interoperability, GIP in Ghana push up financial inclusion

Ad 2
Ad 3

Barely three months after the launch of Mobile Money Interoperability (MMI) in Ghana, there has been surge in financial inclusion across all strata of the Ghanaian economy and society.

This is further pushed up by the GhIPSS Instant Pay (GIP) as it recorded massive increase in patronage in the first half of this year when compared to the same period in 2017.

GIP is a product of Ghana Interbank Payment and Settlement Systems (GhIPSS), an electronic payment system that enables a customer to transfer money from one bank account to another of a different bank and the transfer is effected instantly.

Details from the half year summary performance of GhIPSS product report, show that the volume of GIP transactions moved from 7,181 in the first half of 2017 to 53,201 in the first half of this year, up by a whopping 698 per cent.

The value of transaction equally shot up impressively from GH¢16.5 million to GH¢150.2 million, representing a jump of over 812 per cent.

Business Hilights Ghana Bureau gathered via a statement from Ghana News Agency (GNA) that the huge jump in volume and value of GIP transactions stemmed from the increased number of institutions offering services based GIP, following consistent public education on the product.

At the end of the first half of this year, 31 banks and 6 third party institutions had successfully integrated with the GIP platform.

Explaining more, the Chief Executive Officer of GhIPSS, Mr Archie Hesse, said GhIPSS expected GIP patronage to keep going up as more banks and Fintechs integrate with the platform.

He assured that as more banks and Fintechs come up with innovative products on the platform, more Ghanaians will join the train of financial inclusion as the public is able to use the GIP through the various channels including internet banking portals and mobile applications offered by banks and Fintechs.

During the launch of MMI, industry experts had envisaged that the combined forces of GIP and mobile money interoperability will significantly deepen financial inclusion in Ghana.

Hesse therefore urged the public to continue using the GIP anytime they need to quickly move funds, since it was cheaper, safer and more efficient compared to cash.

“Some banks have even used the GIP platform to transfer remittances directly into the bank account of recipients, saving the customers the trouble of queuing up to receives their funds over the counter,” GhIPSS boss averred.

Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.