Ghana Showcases Its Instant Payment System To African Central Banks And Payment Switches

Ghana Interbank Payments and Settlement Systems (GhIPSS)
Ghana Interbank Payments and Settlement Systems (GhIPSS)

Representatives of central banks and payment switch operators from select African countries are in Ghana to study its instant and interoperable payment solution, Ghana Interbank Payments and Settlement System (GhIPSS) that is among the most advanced in the continent.

The peer learning visit, organized by AfricaNenda, in partnership with GhIPSS, aims to enhance knowledge of instant and inclusive payment systems. From technical learning sessions, networking sessions, market visits, keynote speeches and panel discussions, the countries will draw lessons and identify possible synergies. The visit includes central bank representatives from Burundi, Democratic Republic of Congo, Rwanda, Sierra Leone, and switches such as Rwanda Rswitch, Zambia Electronic Clearing House Limited (ZECHL) and Central Africa GIMAC.

GhIPSS was ranked as progressed in AfricaNenda’s State of Instant and Inclusive Payment Systems (SIIPS) in Africa report 2022 as it ‘not only meets the fundamental criteria but also provides inclusive functionality that supports the most widely used channels and essential use-cases, including P2P and P2B transactions.

AfricaNenda’s CEO, Dr. Robert Ochola said: “We believe that Ghana’s experience can offer critical lessons and good practices for regulators and policymakers in other countries. This is aligned with our agenda to accelerate knowledge sharing and enhance the capacity of African institutions”.

As of December 2022, GhIPSS had processed a monthly average of 17.9 million instant payment transactions. Its broad interoperability ecosystem includes 55 financial institutions working together to facilitate the movement of funds across different payment platforms in Ghana. According to a complete case study by AfricaNenda, with further improvements to its model, GhIPSS can move towards mature inclusivity. Ghana’s progress in developing an Instant Payment solution has reached different stages, which can be a source of inspiration for other African countries.

The CEO of GhIPSS, Archie Hesse said: “GhIPSS is excited about this partnership as it affords us the opportunity to share the experiences and lessons learnt on our journey to achieving inclusive payments. I am optimistic this knowledge sharing experience will provide the needed guidance to the various participating countries as they embark on the development and deployment of their instant payment solutions”.

Through this peer-learning event, AfricaNenda hopes to support the growth of Instant and Inclusive Payment Systems in Africa, which are critical to achieving universal financial inclusion by 2030.

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