Ghipss To Introduce Remittance Product

Bank of GhanaThe Ghana Interbank Payment and Settlement Systems (GhIPSS) Limited, a subsidiary of the Bank of Ghana (BoG), is to introduce an international remittance product  which will enable individuals and organisations based outside Ghana to send monies to their relatives and business partners in the country through  its e-zwich platform.

Archie Hesse, Chief Executive Officer of GhIPSS, who disclosed this during a media briefing on the company’s operations last year, explained that the reason for introduction of the new product was to provide convenience for those  abroad to send money back home.

The GhIPSS was established by the Bank of Ghana (BoG) in 2007 with the mandate to migrate Ghana’s payment system into an electronic society.

“The new product will ease the stress individuals and organisations go through in receiving remittances from abroad and also encourage the adoption of the e-zwich card,’’ he said.

He said the technology platform for the deployment of the product had been completed and the next move was for the company to commercialise the service, saying that the GhIPSS was collaborating with some international companies to introduce the product onto the Ghanaian market.

The Chief Executive Officer said lots of people were currently using the e-zwich card and that greatly influenced the decision to create opportunity for inviduals and organisations to send remittances through the card.

For instance, Mr. Hesse said the government was paying the beneficiaries of the Livelihood Empowerment Against Poverty through the e-zwich system and  said Nestle Ghana  also paid  its numerous sales agents across the country through  the e-zwich system.

He said the e-zwich system could easily help detect bank fraud and ghost names on government payroll because the biometric data captured on the card helps for easy identification of users.

Mr. Hesse said one of its products — gh-link Automated Teller Cards — had received massive patronage, saying as at December last year about 262,000 had subscribed to the product.

Since it was set up, the GhIPSS has chalked a feat which is very much on course with the introduction of electronic clearing of cheques, express bulk fund transfers through Automated Clearing House and e-zwich payment distribution system.

He said his outfit would be introducing a lot of new products this year to deepen electronic financial services.  They include gh-link Mobile service to enable customers  access their bank accounts on mobile phones and gh-link Instant Pay and Internet Payment Gateway. By Kingsley Asare

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