THE GHANA Interbank Payments and Settlements Systems (GhIPPS) has directed financial institutions to end the fee waiver granted to customers who use the GhIPSS Instant Pay (GIP), Mobile Money Interoperability (MMI) and ACH Direct Credit to transact business.
“Following a review on financial position, we have decided we are unable to sustain the fee waiver regime any further and will re-instate all transaction fees with effect from May 23, 2020,” GhIPSS said in a statement.
Earlier, GhIPSS announced a waiver of transaction fees across three platforms—GIP, MMI and ACH Direct Credit.
This action was in support of the call to the financial services industry by the Bank of Ghana to encourage and promote the use of electronic payments and also to lighten the financial burden on the vulnerable members of the public in the light of the global pandemic and the impending containment measures by the Government of Ghana.
On March 19, the central bank announced some measures including the waiving of fees on some digital payment options including mobile money aimed at reducing cash transactions and boosting digital payments.
A key measure was that all mobile money users can send up to GH¢100 for free (excluding cash out).
This includes sending to a recipient on the same network, or another network via the interoperability platform. Also, all mobile phone subscribers are now permitted to use their already existing mobile phone registration details to be on-boarded for Minimum KYC Account.
This subsequently led to GhIPSS announcing a waiver of transaction fees across the three platforms.