News Column

New Ghana System Enables Instant Money Reflection

July 2, 2014

Masahudu Kunateh



THE Ghana Interbank Payment Systems (GhIPSS) is introducing a new payment system it says will enable money transferred from one account to another reflect instantly.

The GhIPSS said it has already completed its end of the process of electronic payment system.

Chief Executive of GhIPSS, Archie Hesse, said progress on the introduction of the interbank instant payment service would encourage businesses to use the banking system in the country.

With the introduction of services such as the instant payment, and the roll out of Point of Sales terminals, which significantly improves people's access to their monies at the banks, it is anticipated that the unbanked population will significantly reduce over time, according to him.

Currently, transfers from one account to the other take at least three hours.

It can take up to 24 hours.


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Source: AllAfrica


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