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Ghana News

Ghana’s Instant Payment System: A Model for Inclusive Financial Services in Africa

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Ghana’s Instant Payment System (IPS) has been recognized as one of the most inclusive on the African continent. The IPS allows consumers to make low-cost payments to anyone at any time, using any technology provided by financial service providers. This achievement places Ghana among five African countries that have reached the “progressed level” with respect to the inclusivity of IPS in Africa.

The AfricaNenda’s State of Instant and Inclusive Payment Systems in Africa Report 2022 indicates that GhIPSS Instant Pay meets the fundamental criteria of an instant and inclusive payment system. Additionally, it provides inclusive functionality that supports the most widely used channels and essential transactions.

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AfricaNenda is a team of experts committed to unlocking the potential of digital financial services in Africa. The Deputy CEO of AfricaNenda, Sabine Mensah, expressed her interest in learning more about Ghana’s journey in facilitating instant payment systems for inclusivity, stating that “we [AfricaNenda] look forward to going back with suggestions and lessons learned from Ghana’s journey”.

Ghana’s Inter-Payment and Settlement Systems (GhIPSS) is committed to enhancing collaboration with its partners to bridge the digital payment systems gap. Kwadwo Ntim, General Manager in charge of Technology and Operations at GhIPPS, stated that the organization looks for opportunities and gaps in the market and partners with institutions to deal with them.

To enhance the understanding and knowledge of central banks and switch operators in specific thematic areas, a one-week peer learning visit for selected African countries was organized. This initiative aims to establish relevant networks and the sharing of expertise, enabling participating countries to accelerate inclusive payment systems on the continent.

In a nutshell, Ghana’s achievement in creating one of the most inclusive instant payment systems in Africa is a significant milestone. The recognition from AfricaNenda and the commitment of GhIPSS to bridge the digital payment systems gap highlights the country’s continued efforts to promote financial inclusion. The peer learning visit will undoubtedly be a useful platform for sharing ideas and knowledge to accelerate inclusive payment systems on the continent. For the most part, Ghana’s progress sets a positive example for other African countries to follow in promoting financial inclusion through instant payment systems.

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