GIP has recorded a 600% increase in use in first half of 2020 - GhIPSS
Business & Economy section is brought to you by Jiji.gh — #1 Ghanaian online marketplace
Visit website

GIP has recorded a 600% increase in use in first half of 2020 - GhIPSS

- Archie Hesse, CEO of GhIPSS, has opened up on the performance of the system

- He revealed that the system recorded a 600% increase in use in the first half of 2020

- Hesse explained that GIP transactions were 2.45 million compared to 350,666 for the same period in 2019

Our Manifesto: This is what YEN.com.gh believes in

YEN.com.gh has learned that the Ghana Interbank Payment and Settlement System (GhIPSS) has recorded a 600% increase in the use of its GhIPSS Instant Pay (GIP) system.

The increase was recorded in the first half of the year 2020 and compared to the same period in the preceding year.

Information available shows that GIP transactions were 2.45 million in 2020 compared to 350,666 for the same period in 2019.

GIP has recorded a 600% increase in use in first half of 2020 - GhIPSS

Archie Hesse, CEO of GhIPSS Source: The Ghana Report
Source: UGC

READ ALSO: COVID-19: GhIPSS removes all charges on electronic payments

The GIP system helps with the transfer of funds from one bank account to another. It also plays a role in the instant transfer of funds to a different bank account or a mobile money wallet

According to the Chief Executive Officer (CEO) of GhIPSS, Archie Hesse, the increase in use is due to the fact that users need not move to banking halls to effect such transactions.

Per a report by Ghana News Agency, he added that it is expected that GIP will continue to record increased usage.

Hesse went on to say that GhIPSS will continue to educate the public on the benefits of using such convenient and efficient means of transferring funds.

In other news, the government-appointed receiver with respect to the defunct 347 microfinance companies and 23 savings & loans and finance houses, Eric Nana Nipah, has revealed that all unpaid customers will receive their claims by the end of July.

He indicated that about 98% of the customers have been paid and the rest would receive what is due them in a few weeks.

Nipah added that he has successfully saved Ghana about GHc1 billion by scrutinising fake claims.

READ ALSO: GhIPPS reveals instant pay services increased by 700% in 2020 Q1

Enjoyed reading our story? Download YEN's news app on Google Playstore now and stay up-to-date with major Ghana news!

Want to be featured on YEN.com.gh? Send us a message on our Facebook page or on Instagram with your stories, photos or videos

Source: Yen

Mailfire view pixel