African Central Bank Representatives Visit Ghana to Study GhIPSS Instant Payment System
Ghana’s Instant and Interoperable Payment solution, Ghana Interbank Payments and Settlement System (GhIPSS), has been ranked as one of the most advanced payment solutions in Africa. Its success has caught the attention of central bank representatives and payment switch operators from select African countries who have visited Ghana to study the system. The visit, organized by AfricaNenda in partnership with GhIPSS, aims to enhance knowledge of instant and inclusive payment systems and identify possible synergies.
GhIPSS is an ecosystem that includes 55 financial institutions working together to facilitate the movement of funds across different payment platforms in Ghana. Its broad interoperability has made it a suitable case study for African countries seeking to develop instant payment solutions. As of December 2022, GhIPSS had processed a monthly average of 17.9 million instant payment transactions.
The African countries represented on the visit include Burundi, Democratic Republic of Congo, Rwanda, Sierra Leone, and switches such as Rwanda Rswitch, Zambia Electronic Clearing House Limited (ZECHL) and Central Africa GIMAC. Through technical learning sessions, networking sessions, market visits, keynote speeches and panel discussions, the representatives will draw lessons and identify possible synergies that can help their countries achieve their financial inclusion goals.
According to Dr. Robert Ochola, CEO of AfricaNenda, Ghana’s experience can offer critical lessons and good practices for regulators and policymakers in other countries. The 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, is optimistic that the knowledge-sharing experience will provide the needed guidance to the participating countries as they embark on the development and deployment of their instant payment solutions. 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.
All in all, the peer-learning event organized by AfricaNenda and GhIPSS is a significant milestone in the advancement of instant payment solutions in Africa. The visit is an opportunity for African countries to learn from Ghana’s success in developing an instant payment solution that promotes financial inclusion and interoperability.