Ghana showcases its Instant and Interoperable Payment System to African Central Banks and Payment Switches
9 May 2023
GhIPSS Instant Pay (GIP), Ghana’s Instant Payment solution, is considered one of the most advanced on the Africa continent, based on AfricaNenda's State of Instant and Inclusive Payment Systems (SIIPS) in Africa report 2022. According to the inclusivity criteria outlined in the SIIPS report, GhIPSS instant Pay is ranked under “progressed inclusivity as it not only meets the fundamental IIPS criteria but also provides inclusive functionality that supports the most widely used channels and essential use-cases, including P2P and P2B transactions. As of December 2022, GhIPSS had processed a monthly average of 17.9 million Instant Payment transactions. This broad interoperability ecosystem includes 55 financial institutions working together to facilitate the movement of funds across different payment platforms in Ghana. A complete case study by AfricaNenda showed that with further improvements to its model, GhIPSS can move towards mature inclusivity.
Ghana's progress in developing an Instant Payment solution has reached different stages, which can be a source of inspiration for other African countries. In this regard, AfricaNenda has partnered with GhIPSS to organize a peer learning visit for selected African countries. The objective of the visit is to enhance the understanding and knowledge of central banks and switch operators in specific thematic areas. The participants will gain valuable insights into GhIPSS's scheme rules, business model and use cases. The learning visit will also help participating countries establish relevant networks and contacts to foster further sharing of expertise.
“GhIPSS is excited about this partnership as it affords us the opportunity to share the experiences and lessons learnt on our journey to achieving inclusive payments. I am optimistic this knowledge sharing experience will provide the needed guidance to the various participating countries as they embark on the development and deployment of their instant payment solutions" Archie Hesse, CEO of GhIPSS
During the learning visit, central bank representatives from Burundi, Democratic Republic of Congo, Rwanda, Sierra Leone, and switches such as Rwanda Rswitch, Zambia Electronic Clearing House Limited (ZECHL) and Central Africa GIMAC will participate in technical learning sessions, networking sessions and field visits.
Through this peer-learning event, AfricaNenda hopes to support the growth of Instant and Inclusive Payment Systems in Africa, which are critical to achieving universal financial inclusion by 2030.
“We believe that Ghana's experience can offer critical lessons and good practices for regulators and policymakers in other countries, which is aligned with the organization’s agenda to accelerate knowledge sharing and enhance the capacity of African institutions” said Dr. Robert Ochola, CEO AfricaNenda.