The Ghana Interbank Payment and Settlement Systems (GhIPSS)the National Payment System Infrastructure Provider, signed an agreement with Visa to start domestic processing of transactions denominated in CEDI.
Details
The agreement with Visa, a global leader in digital payments, will enable GhIPSS to soon begin switching, clearing and settling domestic Visa transactions between acquirers and issuers in Ghana.
The strategic partnership is in line with the Bank of Ghana guidelines for the domestic processing of payment card transactions with payment cards issued in Ghana.
The guidelines published in August 2021 provide the mechanism for international card schemes to process their domestic transactions locally.
Because this matters
Archie Hesse, CEO of GhIPSS said that this agreement would result in a significant reduction in transaction costs over time, regardless of whether customers were using an international system card.
He said there would be other savings to be had as trading volumes increased.
Mr Archie said more education would be carried out to ensure the public fully understood the purpose of effective and efficient national change in terms of the country’s development.
What they say
“Our partnership with Visa, a global brand with extensive experience in digital payments, is an important step for our business. It’s a great opportunity for us to leverage Visa’s expertise and assets to become better at our craft while delivering value to Visa customers in Ghana.” said Archie Hesse, CEO of GhIPSS.
We are confident that this partnership will be successful and will expand to other areas of mutual interest in the future,” he added.
“We have envisioned an Academy which we intend to use to deepen our understanding of all the various payment system infrastructures built by GhIPSS. We intend to use it to deepen the relationships between us and banks, fintechs and also mobile money operators,” he added.
Mr. John AwuahCEO of the Banking Association, praised the partnership and said it will help make life easier for customers.
“We are grateful for the partnership and again we are also concerned with reducing the cost of doing business to the extent that this also results in some level of cost savings to the banks which we know will be passed on to the customer,” he said.
Andrew WaboyVice President and Cluster Head of Visa West Africa said:This partnership underscores our unwavering commitment to advance the expansion of financial inclusion across Ghana. We believe that by leveraging our global network and innovative payment solutions, we can empower individuals and businesses, promoting economic growth and prosperity for all.”
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