The growth in the use of GhIPSS Instant Pay (GIP) has witnessed another jump – going up by almost 600% in the first-half of this year compared to the same period last year.
According to the Ghana Interbank Payment and Settlement Systems (GhIPSS) Half Year Performance report, the volume of GIP transactions stood at 350,666 in the first half of 2019 and shot up to 2.45 million by June this year.
GIP is an electronic payment system that enables a customer to transfer money from one bank account to another of a different bank or to a wallet, and the transfer is effected instantly.
Though instant pay can be accessed from the banking halls, it is mostly available on the various Internet and mobile banking platforms of banks. Many Fintechs also ride on the GIP technology for their money transfer services.
The Chief Executive of GhIPSS, Mr. Archie Hesse, in an interview said the persistent growth in GIP transactions is largely because it has come to address a pertinent need. He explained that GIP has enabled people to make and receive payments instantly, without the need to move to a banking hall.
Many experts have argued that the service GIP provides could significantly encourage many people to keep their funds with the banks since they have quick access to them. There is still a very significant number of people who are outside the banking sector. However, GIP and Mobile Money Interoperability are considered two very important payment interventions which will significantly rope more people into the banking sector.
The GhIPSS boss said public education on GIP will continue to ensure that more and more people become aware of the service and demand it, so as to make payments more convenient and efficient. He is hopeful that GIP will continue to record growth in patronage as more people turn to electronic forms of payments.
With increasing advocacy for electronic payment options due to the coronavirus pandemic, it is anticipated that GIP will continue to enjoy high usage.