Ghana to introduce internet-powered payment system for traders

Mergers, Acquisitions and Financial Results

The Ghana Interbank Payment and Settlement System (GIPSS) is to introduce an Internet-powered payment system that will link some local financial service providers with their counterparts in Nigeria and Francophone West African countries.

The move is to help ease the challenges associated with inter-country trading between the countries involved.

Once introduced, traders will be spared the ordeal of carrying cash and, or converting it for the purposes of trading in Francophone countries.

The Chief Executive Officer (CEO) of GHIPSS, Mr Archie Hesse, said traders would only carry with them the needed point of sale (POS) devices to withdraw  cash and make the needed payments.

According to him, the products, which are expected in the first quarter of 2013, are two of three services to be launched by GHIPSS this year.

Mr Hesse said his outfit would also add a service that would allow local shoppers the opportunity of paying for products and services through special POS devices to be introduced in that year.