There is a huge business potential for financial technology service providers, known as Fintech companies, to support organisations set up their systems in order to use the e-bills pay.
The e-bills system, which is the latest initiative by the Ghana Interbank Payment and Settlement Systems (GhIPSS), enables various institutions to transact business and receive payment instantly through electronic means.
However, in order to use the e-bills pay, the organisations must develop service Apps or websites that will enable them to receive funds electronically. This information technology service lies in the bosom of Fintech companies. Speaking in an interview, the Chief Executive of GhIPSS Archie Hesse explained that the business opportunity for Fintechs to set up organisations to use the e-bills pay is enormous, as it is a virgin area and companies are now gearing-up to use the service.
The e-bills pay is similar to the instant pay, but it is meant for organisations as opposed to individuals. It is considered very suitable for manufacturing companies and distributors which deal with many wholesalers and retailers. It can also be used by airlines and big hotels to receive payments from customers and is considered a critical payment option for public sector institutions which receive taxes, levies and fees.
Mr. Hesse explained that the number of companies who will need to use e-bills pay are many and encouraged Fintech companies to approach them and offer to develop and set them up to use the system. “e-bills pay is up and running and various institutions are hooking up to the system, but there are many more that Fintechs must go and help to also get on board,” he stated.
The global trend is toward electronic payments as they are more efficient, cheaper and secured. It also provides an audit trail and reduces that human interface which potentially leads to corruption and pilfering. Mr. Hesse therefore encouraged companies to embrace technology and maximise its usage for the benefit of their operations.
He hopes that Fintechs will seize the opportunity and fit into this electronic payment ecosystem. He however cautioned them to develop very robust systems, and said GhIPSS will ensure that only properly-developed systems that can stand the test of time will be hooked onto the e-bills pay platform.