Ghana, 4 other African countries reach “Progressed Level” in instant Payment Systems – Report

Ghana is among five African Countries to have reached “Progressed Level” with respect to inclusivity of Instant Payment Systems (IPS), on the continent.

The system allows consumers to use any technology run by financial service providers to make payments immediately, at a low cost, to anyone and at any time.

Ghana’s Instant Payment solution is considered one of the most advanced on the African continent, based on AfricaNenda’s State of Instant and Inclusive Payment Systems in Africa Report 2022. AfricaNenda is a team of experts committed to unlocking the potential of digital financial services in Africa

According to the report, GhIPSS Instant Pay is ranked under “progressed inclusivity” as it not only meets the fundamental Instant and Inclusivity Payment System criteria but also provides inclusive functionality that supports the most widely used channels and essential transactions.

Deputy CEO, AfricaNenda, Sabine Mensah, said “we facilitating instant payment systems for our inclusivity. So we really leveraging this opportunity to learn more about that journey and offer a platform for different countries to share and learn from Ghana. And we look forward to go back with suggestions and lessons learned from Ghana’s journey”.

Speaking to Joy Business after the opening of a one-week peer learning visit for selected African countries, General Manager in charge of Technology and Operations at the Ghana Inter-Payment and Settlement Systems GhIPPS, Kwadwo Ntim, said his outfit will enhance collaboration with its partners to bridge the digital payment systems gap.

“Consistently, we look for opportunities and gaps in the market to be able to deal with them. What we are doing is also by way of partnering with institutions to be able to work to close those gaps”.

“It is obviously a challenge which is why we take them up and work with them to do that”, he added.

Meanwhile, some participants expressed their excitement and joy to learn and share ideas on how to accelerate inclusive payment systems on the continent.

The training will enhance the understanding and knowledge of central banks and switch operators in specific thematic areas as well as help participating countries establish relevant networks and the sharing of expertise.

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