GhIPSS signs agreement with Visa to process cedi denominated transactions
The Ghana Interbank Payment and Settlement Systems (GhIPSS), the National Payment Systems Infrastructure Provider, has signed an agreement with Visa to begin domestic processing of cedi denominated transactions.
The deal with Visa, a global leader in digital payments, would allow GhIPSS to soon start switching, clearing, and settling domestic Visa transactions between acquirers and issuers in Ghana.
The strategic collaboration is in line with the Bank of Ghana’s Guidelines for Domestic Processing of Payment Card Transactions with Payment Cards Issued in Ghana.
Published in August 2021, the guidelines provide the mechanism for international card schemes to process their domestic transactions locally.
In partnering with GhIPSS, Visa takes advantage of GhIPSS’ unique position as the National Switch and a provider of interoperable platforms for digital financial services as well as its sixteen-year track record of processing payments domestically in Ghana GhIPSS will benefit from integrating Visa’s advanced payment processing technology into its platform to deliver Visa’s brand promise to domestic customers.
“Our partnership with Visa, a global brand that has extensive experience in digital payments, is an important step for our business. It is an outstanding opportunity for us to leverage Visa’snexpertise and assets to get better at our craft while delivering value to Visa customers in Ghana.” said Archie Hesse, CEO of GhIPSS.
We are confident that this partnership will be a success and will expand into other areas of mutual interest in the future,” he added.
Mr Archie hinted at significant reduction in the cost of transactions over time irrespective of the fact that customers were using an international scheme card.
He said there would be other savings that would come as volumes of transactions increase.
Mr Archie said more education would be carried out to ensure the public fully understand the purpose of an effective and efficient national switch as far as the development of the country was concerned.
“We have made provisions for an Academy which we intend to use to deepen understanding of all the various payment systems infrastructure that has been created by GhIPSS. We intend to use that to deepen the relationships between us and the banks, the fintechs and also the mobile money entities,” he added.
Mr John Awuah, Chief Executive Officer Association of Banks, lauded the partnership and said it would help make lives easier for customers.
“We are grateful for the partnership and again we are also in the business of reducing the cost of doing business to the extent that this also results in some level of cost savings to the banks, which we know will be passed on to the customer,” he said.
Andrew Uaboi, Vice President, and Cluster Head of Visa West Africa said: “This collaboration underlines our unwavering commitment to driving financial inclusion expansion across Ghana. We believe that by leveraging our global network and innovative payment solutions, we can empower individuals and businesses, fostering economic growth and prosperity for all.”
Source: GNA