GhIPSS says savings and loans firms to offer automated clearing house services

The Ghana Interbank Payment and Settlement Systems (GhIPSS) is to engage savings and loans companies to discuss options through which they could begin providing services under the Ghana Automated Clearing House (GACH).

This means that customers of these micro finance institutions would be able make recurring payments or repetitive collections electronically via the GACH to save time and cost.

The GACH is currently available to the universal banks because Savings and Loans companies do their clearing and settlement via the universal banks.

The Chief Executive Officer of GhIPSS, Mr Archie Hesse said GACH had enormous potential and it was important that customers of savings and loans companies had the opportunity to enjoy the service.

In this direction, he said, GhIPSS would engage savings and loans companies to explore the best options through which the micro finance institutions could come on board in the implementation of the GACH.

Mr Archie said savings and loans companies would be in a position to court utility companies, other service providers as well as other companies such as mortgage finance and hire-purchase companies to offer the services to them.

The GACH comes in two forms namely the Direct Credit and Direct Debit. The Direct Credit system is used for payments while the Direct Debit is to collect payments electronically.

Experts say the GACH could become an important income generating activity for the savings and loans companies through which to get customers as it is a more advanced, convenient and less expensive form of making or receiving bulk payments.

Source: GNA

Leave A Reply

Your email address will not be published.