This latest date comes after missing about three initial timelines for the implementation of the policy.

The mobile money interoperability is to allow consumers transfer money across all mobile networks without any restrictions.

This is also in fulfillment of driving a cash lite economy in Ghana.

The Vice President, Dr. Mahamudu Bawumia is confident the policy will help attract more investments and enhance financial inclusion in the country.

“There is a lot of work that has been done and I am happy to say that all things being equal, in May which is in a couple of months’ time, we expect to launch Ghana’s interoperable system. It is really going to be the vehicle for true interoperability as well as financial inclusion.”

“This means that all the mobile companies and all the bank accounts will be interoperable and so we are providing this vehicle for financial inclusion and it will help us also move towards a cashless society,” the Vice President added.

The Ghana Interbank and Settlement Systems (GhIPSS) has since been mandated to provide the interoperability platform for the players in the ecosystem.

The contract to GhIPSS came after a botched agreement with Sibton Switch which had earlier agreed to offer the service for some 4.6 billion cedis.

The Vice President for the first time gave the GhIPSS a November 2017 deadline.

This was extended to January 2018.

Subsequently, the CEO of GhIPSS, Archie Hesse admitted to completing all the necessary processes to allow for a takeoff by February 2018.

Dr. Bawumia was speaking at the opening ceremony for the Norway-Ghana Business Forum.

The meeting with some potential investors from Norway, also outlined additional plans to attract investors into the country into critical sectors like the oil and gas, agriculture as well as mining industry.

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By: Pius Amihere Eduku/citibsuinessnews.com/Ghana

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The advice follows reports of two separate armed robbery attacks in two successive days and other instances, in which huge sums of cash were believed to have been stolen.

The CEO of GhIPSS, Archie Hesse expressed his displeasure about the incidence and extended his sympathies to the victims of the robberies.

He however added that it was time, robbery was made less attractive by reducing cash transactions.

He explained that several electronic payment channels exist in Ghana that can enable both organisations and individuals to make payments without using cash.

“Today, your money at the bank is as good as cash on you” he stressed.

Mr. Hesse advised organisations to use payment options such as cheques, Automated Clearing House (ACH) Direct Debit or Direct Credit, internet and mobile banking to receive or make payments.

In his view, in situations where the organisation wants the money instantly transferred, they can set up and use the e-bills pay or mobile money for smaller values.

He also advised individuals to use the various electronic payments options such as electronic cards, mobile money, the Instant Pay service, or ACH in order to reduce the amount of cash they have to carry or keep in their homes.

The GhIPSS CEO noted that cheques can be cleared the same day, through the express service and was therefore another important non-cash form of payment for both organisations and individuals.

“There are variety of electronic payments channels working efficiently in Ghana that organisations and individuals can access through the financial institutions,” he emphasised.

Meanwhile Mr. Hesse has stressed that GhIPSS will continue to ensure the efficient running of the platforms supporting these electronic payments options and urged the banks to ensure that these services are offered seamlessly to boost public confidence in them.

“Technology is an enabler, it is there to solve problems, so let use it to address our exposure to robberies” he stated.

Mr. Hesse hinted that GhIPSS, together with financial institutions, will heighten the cash-lite campaign and invited the media to support the agenda by creating platforms to educate the public on the benefits of electronic payments and dangers and cost associated with carry cash.

He advised the public to speak to their banks and access the plethora of non-cash forms of payments available currently.

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By: Citibusinessnews.com/Ghana

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This comes after missing the initial November 2017 deadline.

The CEO of GhIPSS, Mr. Archie Hesse who disclosed this new date to Citi Business News said the necessary processes for all the service providers, that is, banks and telecom operators have since been completed hence the optimism this time around.

According to him, the delay has been due to the inability of the telecom companies to hook unto the operating platform needed for the interoperability which was not initially envisaged.

“The web services side of the integration by the Mobile Network Operators (MNOs) was completed in no time but when it came to their integration unto the ISO service, they struggled a bit. Though there was one MNO who was getting close after a long time. So when we realized that was the situation which we didn’t envisage before, we developed a web services ISO converter; so the MNOs do no longer require that development they can now ride on that development in our environment,” he explained.

The GhIPSS boss could however not tell when exactly the process will be going live as that largely depended on the supervisors of the whole project, presumably the office of the Vice President, Dr. Mahamudu Bawumia.

“We have completed it, now the MNOs are connecting to it and testing begins that is why we are confident that we should be able to go live February ending; we should be able to launch it anytime in February. But the actual date will depend on our bosses,” he added.

Mobile money interoperability

The mobile money interoperability platform will allow consumers to transfer money across all mobile networks with ease.

Currently, conducting mobile money transfers from one network to another is impeded due to the absence of a common system to switch through easily.

This has also partly accounted for the relatively high cost in such a transaction compared to transferring money to another on the same network.

The project also forms part of the government’s plan to drive financial inclusion and reduce the number of unbanked population in Ghana.

Gov’t cancels Sibton Switch’s contract

The mobile money interoperability contract was first awarded to Sibton Switch which had quoted 4.6 billion cedis to carry out the mandate.

The criticism by industry watchers among others, led to the cancellation of the contract by government and handed over to GhIPSS.

It is estimated that GhIPSS is carrying out the same mandate at a cost of 4 million cedis.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post GhIPSS shifts mobile money interoperability to February 2018 appeared first on Citi 97.3 FM - Relevant Radio. Always.

The system when rolled out, will enable customers to transfer money easily across various networks. It will be managed by the Ghana Interbank Payment and Settlement Systems (GhIPSS).

Speaking at the University of Cape Coast during the institution’s Institutional Advancement Lecture on Wednesday, Dr. Bawumia said: “There were many people who were offering similar solutions, but thankfully, the Bank of Ghana in collaboration with GhIPSS has finally been able to solve this problem and the interoperability system for Ghana will be launched next month.”

[contextly_sidebar id=”6ee2BTKY5XsRyY7uObm1ZCbxJMJPtpRC”]“What is even more remarkable about what has happened is that, again, a lot of people were quoting billions of dollars, but by the way, this system has now been built for less than $4 million dollars,” he added.

This new amount is a sharp contrast to an earlier GHc4.6 billion contract awarded to Sibton Switch Systems earlier this year by the BoG to undertake the same the project.

The Sibtons Switch deal, was however abandoned, after revelations about it caused a lot of dissatisfaction among stakeholders, industry players as well as the general public.

The mobile money interoperability forms part of efforts to drive the government’s financial inclusion agenda.

This is also the third of three pillars that the Vice President believes will drive the NPP’s economic growth agenda.

The two include a robust national database with an effective identification system as well as a national digital address system.

Dr. Bawumia said the Akufo-Addo administration is striving to ensure value for money in every transaction that it undertakes.

“We have to protect the public purse and that allows to build our productive capacity.”

He said the introduction of the interoperability of payment system in the financial sector will allow for a more inclusive financial system.

“Having an interoperable payments system between banks, mobile operators and other financial and non-financial sector players enables people to make payments to anyone else in a convenient, affordable, fast, seamless and secure way with one account.”

He added that: “Payments for our buying and selling will be made far easier throughout the country. Interoperability is key to financial inclusion. Thankfully, Ghana will launch an interoperable payment system in November this year.”

Citi FM petitions government

Citi FM was one of the organisations that petitioned government through the Vice President to review the earlier deal, which the station considered exhorbitant.

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Source: Weekend Crusading Guide

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He explains that the new system will introduce incentives to attract more patronage.

Speaking at the sidelines of the Citi- GhIPSS Business Forum as part of the Citi Business Festival, Mr. Hesse was optimistic the new platform will enhance financial inclusion in Ghana.

He was of the view that even though the cost will be a major factor, competition among the players in the sector will positively impact the system, leading to the benefit of consumers.

“When we started with the Gh-link ATM interoperability, it took a while before the education and the awareness became a norm. There are habits that one has formed, and subconsciously you may go to your bank, at a particular location. It takes time before you start realizing that the entire banks that I drive across are able to use the same product,” he said.

He pointed out that consumers will embrace the product when its benefits are highlighted.

“There are also the extreme cases where maybe withdrawing funds from your bank is free, however there is a minimum charge for interoperability and you feel that I will still at all cost go to my bank, but you have to weigh the cost against the opportunity cost of using somebody else’s platform,” he said.

Mr. Hesse was however optimistic that the interoperability platform will usher the financial sector into an area that will speedily enhance financial inclusion.

Meanwhile, the CEO of expressPay Curtis Vanderpuije has expressed the readiness of Fintech to collaborate with the GhIPSS to successfully offer attractive products when the mobile interoperability is rolled out.

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By: Lawrence Segbefia & Pius Amihere Eduku/citibusinessnews.com/Ghana

The post Mobile money interoperability will be successful – GhIPSS appeared first on Citi 97.3 FM - Relevant Radio. Always.

This service, Bank Direct, allows expressPay users to transfer money from their personal accounts (using their Visa, Mastercard or gh-link), or their mobile money wallets to bank accounts.

Bank Direct is being facilitated using the new Ghana Interbank Payment and Settlement System (GhIPSS) system.

“Over the past five years, expressPay has been providing a convenient and secure way for Ghanaians to pay their bills and services. We continue to focus on making payments seamless and efficient by by creating new innovative products. In line with the broader cashless agenda, this was truly the next step in the evolution of our platform – a simple, real-time and efficient way to transfer funds to ease the way we do business in Ghana,” the CEO of expressPay, Curtis Vanderpuije has said.

Customers of expressPay can enjoy this new product by downloading the expressPay app and login in or signing up.

About expressPay

expressPay is a financial technology service provider that supports an eCommerce marketplace, a P2P money transfer service and is a payment service provider for third parties.

The service gives users access to services like buying airtime, 4g and broadband internet services, DStv and GOtv subscription and many other services.

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By: Jeffrey Owuraku Sarpong/citifmonline.com/Ghana

The post expressPay introduces instant bank transfers appeared first on Citi 97.3 FM - Relevant Radio. Always.

He said the two payment systems hold the key to financial inclusion in the country, explaining that because the two payment systems were closer to cash out and safer, they could easily become the catalyst to reduce the huge unbanked population, by including more people in the financial sector.

Mr Hesse who was speaking in an interview explained that the reason why Ghana still had a large unbanked population was because many people preferred cash in hand which could be used and received instantly as payment.

“The Government has made financial inclusion a major goal for the year and has tasked stakeholders, including financial institutions, GhIPSS and telcos to work together to ensure that more people get into the banking system. Ghana has a high unbanked population of more than 60 percent, which is one of the reasons being cited for high-interest rates, since most of the money that banks could access and on-lend are rather in people’s homes, shops and offices.”

He said any payment system which had those qualities of cash but more secured, would, therefore, be the best tools to use to draw more people into the banking sector.

Mr Hesse said that the Instant Pay, which allowed people to transfer cash from one account to the other, even in a different bank instantly, is one of the best options available to increase the banked population.

He explained that the Instant Pay system could also be engineered for various forms of payments including online and mobile payments. “Instant Pay is like cash because the moment you send the money, the receiver gets it and can use it immediately”, he stressed.

Instant pay can be done on a mobile phone or a computer.

Mr Hesse also mentioned mobile money as the other payment system which neared cash, as the other option that could drive financial inclusion.

He explained that while it was very easy to access mobile money, every bit of money kept on a mobile money wallet rested with the banks.

“This implies that the more people use mobile money, the more money is kept with the banks leading to a deepened financial inclusion.”

GhIPSS is currently in talks with telcos to bring about interoperability among the mobile money providers, so that customers can send money across networks.

Mr Hesse explained that once the interoperability was completed, a lot more mobile money transactions would be expected to occur.

The GhIPSS Boss emphasised that electronic payment was the way to go and urged the public to patronise them to enjoy the security and convenience that come with them as well as increase money available to banks.

“Too many of us are holding on to cash and losing them to floods, fires, armed robbers and thieves in general or we even lose our purse and wallets” he stated.

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Source: GNA

The post Patronise instant pay, mobile money services – GhIPSS boss appeared first on Citi 97.3 FM - Relevant Radio. Always.

A telecommunications company, Sibton Switch Systems, won a controversial bid to oversee this interoperability at a cost of GHc 4.6 billion from the Bank of Ghana, the most expensive tender among the companies that bid for the project.

[contextly_sidebar id=”KGJj2BoEBJsYgscvRGghTO5f6tq3UxT1″]Initial reports about the deal indicated that the Ghana Interbank Payment and Settlement Systems (GhIPSS), was well placed to handle an intermediary role in across-network mobile money transactions.

Before telcos could fully roll-out a form of interoperability, the BoG announced that it had secured the services of the private firm that would handle the interoperability.

The telecom operators in the country subsequently expressed their displeasure wth moves by the central bank to impose a third-party company on them to act as the intermediary in mobile money transactions across different networks.

Veep charges GhIPSS

The Vice President, however, appears to be on the side of the GhIPSS as he has challenged it to take a leading role in driving discussions towards making the platforms of telcos and banks interoperable.

Speaking at the Ghana Economic Outlook and Business Strategy Conference on Tuesday, Dr. Bawumia threw some weight behind GhIPSS which he said was in a unique position “to bring the banks and telcos together to make their platforms interoperable so that you can transfer money between the telcos and the banks and so on very easily.”

He stressed that “interoperability cannot be forced” on the telcos without a prior consensus as he opined that, “there must be a sound case and people have to see the sense in it.”

Interoperability can be done in 6 months

The process itself is not rocket science, Dr. Bawumia said, as he indicated that government would like to see the realisation of the interoperability in mobile money transactions across telecom networks by the end of 2017.

“This is not rocket science; making sure there is interoperability between Ghana link, the E-Zwich platform and the mobile telephone platforms. If you put your minds to it, it can be done in six months.”

“I think it would be very nice if we all put our minds to it and I think you guys should be talking a bit more for us to get it done. I want to encourage banks and mobile network operators to collaborate to increase the range of services available to customers,” he said.

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By: Delali Adogla-Bessa/citifmonline.com/Ghana

The post Mobile Money interoperability can’t be forced on telcos – Bawumia appeared first on Citi 97.3 FM - Relevant Radio. Always.