No charges on Momo transactions, GhIPSS Instant Pay effective today – GhIPSS announces

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The Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) has announced that effective today, March 23, 2020, all Mobile money services, GhIPSS Instant Pay (GIP) and ACH-Direct Credit will not attract any charges.

This directive instituted by the Central Bank of Ghana is to help mitigate the economic impact of the outbreak of the COVID-19 pandemic and also promote the use of electronic payment services as the nation encourages social distancing as part of measures to combat the virus.

In a press statement released by GhIPSS, a subsidiary of the Bank of Ghana, the waiver comes in partnership with all banks, Fintechs and mobile money operators.

According to the release, this waiver is regardless of the volume and value of transactions and will continue until further notice.

“Pursuant to the measures outlined by the Central Bank of Ghana, as part of efforts to contain the impact of COVID-19 pandemic on the Ghanaian economy and also to promote the use of electronic payment services; the Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS), in partnership with all banks, Fintechs and mobile money operators, have waived off fees on electronic payment services used by its partner Financial Service Providers,” portions of the release said.

The statement continued that “this waiver is regardless of the volume and value of transactions, until further notice. Starting Monday, the 23rd of March, 2020, all Banks, Fintechs & Mobile Money Operators, leveraging the following platforms to offer electronic payment services to the general public shall not incur any service charges.”

GhIPSS noted that the company is optimistic the fee waiver will contribute to efforts by its partners to promote and encourage the use of digital payment options to limit the possible spread of the COVID-19 through physical cash.
The company is, therefore, urging all partner banks, Fintechs and Mobile Money Service Providers to make these services available to customers on their various digital and mobile payment platforms.

 

Read the full Statement below: 

Pursuant to the measures outlined by the Central bank of Ghana, as part of efforts to contain the impact of COVID-19 pandemic on the Ghanaian Economy and also to promote the use of electronic payment services; the Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS), in partnership with all banks, Fintechs and mobile money operators, have waived off fees on electronic payments services used by its partner Financial Service Providers. This waiver is regardless of the volume and value of transactions, until further notice.

Starting Monday, the 23rd of March, 2020. All Banks, Fintechs & Mobile Money Operators, leveraging the following platforms to offer electronic payment services to the general public shall not incur any service charges:
a. Mobile Money Interoperability (MMI): All cross wallet transactions on the mobile money interoperability platform shall not attract any fee from GhIPSS.
b. GhIPSS Instant Pay (GIP): Banks & Fintechs offering Instant Pay services to their respective customers shall also not pay any service charge to GhIPSS
c. ACH – Direct Credit: Banks leveraging the ACH Direct Credit platform for bulk payments such as salaries; on behalf of their corporate Institutions shall also not incur any service charge from GhIPSS.

GhIPSS is optimistic the fee waiver will contribute to efforts by its partners to promote and encourage the use of digital payment options to limit the possible spread of the COVID-19 Virus through physical cash. The company is, therefore, urging all partner banks, Fintechs and Mobile Money Service

Providers to make these services available to customers on their various digital and mobile payment platforms (mobile app, internet banking, USSD etc.) GhIPSS also appeals to the general public to turn to these and other electronic payment options and avoid the use of physical cash as much as practicable.
The GhQR & Proxy Pay service which will be launched on the 25th of March will also provide additional channels for the public to transact electronically. The company takes this opportunity to reiterate the call on the public to observe personal hygiene and social distancing in order to curb the spread of the novel coronavirus.

 

Source: ABCNewsgh.com

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