GHANA: GHIPSS optimistic of mobile interoperability success

9 June 2017

Money Transfer

The Chief Executive Officer of the Ghana Interbank Payment and Settlement Systems (GhIPSS) Mr. Archie Hesse has indicated that the institution will intensify efforts to encourage the usage of its new mobile interoperable platform when it is rolled out.

He explains that the new system will introduce incentives to attract more patronage. Speaking at the sidelines of the Citi- GhIPSS Business Forum as part of the Citi Business Festival, Mr. Hesse was optimistic the new platform will enhance financial inclusion in Ghana.

He was of the view that even though the cost will be a major factor, competition among the players in the sector will positively impact the system, leading to the benefit of consumers.

“When we started with the gh-link ATM interoperability, it took a while before the education and the awareness became a norm. There are habits that one has formed, and subconsciously you may go to your bank, at a particular location. It takes time before you start realizing that the entire banks that I drive across are able to use the same product,” he said.

He pointed out that consumers will embrace the product when its benefits are highlighted.

“There are also the extreme cases where maybe withdrawing funds from your bank is free, however there is a minimum charge for interoperability and you feel that I will still at all cost go to my bank, but you have to weigh the cost against the opportunity cost of using somebody else’s platform,” he said.

Mr. Hesse was however optimistic that the interoperability platform will usher the financial sector into an area that will speedily enhance financial inclusion.

Meanwhile, the CEO of expressPay Curtis Vanderpuije has expressed the readiness of Fintech to collaborate with the GhIPSS to successfully offer attractive products when the mobile interoperability is rolled out.

Source: CITI Business