The GhIPSS Instant Pay (GIP) has recorded a massive increase in patronage in the first half of this year compared to the same period last year.
According to a half year summary performance of GhIPSS product report, the volume of GIP transactions moved from 7,181 in the first half of 2017 to 53,201 in the first half of this year, up by a whopping 698 per cent.
The value of transaction equally shot up from Ghc16.5 million to Ghc150.2 million, representing a jump of over 812 per cent.
The huge jump in volume and value of GIP transactions have been attributed to increased number of institutions offering services-based GIP, following consistent public education on the product. At the end of the first half of this year, 31 banks and six third-party institutions had successfully integrated with the GIP platform.
The Chief Executive Officer of Ghana Interbank Payment and Settlement Systems (GhIPSS) Mr Archie Hesse, said in an interview that they expected GIP patronage to keep increasing as more banks and fintechs integrated with the platform. He also anticipates that banks and fintechs will come up with more innovative services that will run on the GIP platform, which he said would further increase patronage for the service.
GIP and mobile money interoperability are two electronic payment products that experts anticipate will significantly deepen financial inclusion in Ghana.
Mr Hesse explained that because GIP was instant and a real-time transfer, “it was as good as cash but even more secure”. He urged the public to continue to use GIP anytime they needed to quickly move funds since it was cheaper, safer and more efficient compared to cash.
He said the public could use GIP through the various channels, including internet banking portals and mobile applications offered by banks and fintechs. Some banks have even used the GIP platform to transfer remittances directly into the bank account of recipients, saving the customers the trouble of queuing up to receive their funds over the counter.
Fintechs, Mr Hesse added, had seen the power of GIP and cashing in strongly to offer several services to their clientele, thereby giving the banks, a run for their money.