Ghana has recently taken the global spotlight in the realm of advanced payment solutions with its instant and inclusive payment platform – the GhIPSS Instant Pay (GIP). AfricaNenda therefore led a delegation from central banks and payment switches in Africa to come learn from Ghana’s shinning example.
The delegation, drawn from Burundi, Cameroon, Democratic Republic of Congo, Guinea, Rwanda, Sierra Leone and Zambia were in Ghana between May 8 and 12 this year, and the witnessed a showcase of Ghana’s payment system journey at the governmental, regulatory, as well as private sector (operators/merchants) levels.
This visit was in recognition of Ghana’s strides in developing its Instant Payment solution, and also aimed to foster knowledge sharing and provide valuable insights into that, with the view to contributing to the continent’s quest for greater financial inclusion.
Indeed, per AfricaNenda’s 2022 State of Instant and Inclusive Payment Systems (SIIPS) in Africa Report, GhIPSS Instant Pay (GIP) is considered one of the most advanced solutions on the continent. Its inclusivity was evaluated based on predefined criteria, resulting in a commendable rank of “progressed inclusivity.”
Beyond meeting the fundamental SIIPS criteria, GhIPSS Instant Pay also offers inclusive functionality, supporting widely-used channels and crucial use-cases such as peer-to-peer (P2P) and peer-to-business (P2B) transactions.
Impressively, by December 2022, GhIPSS had processed an average of 17.9 million Instant Payment transactions each month. With an interoperability ecosystem encompassing 55 financial institutions, GhIPSS enables seamless fund movement across diverse payment platforms within Ghana.
AfricaNenda’s detailed case study further highlighted the potential for GhIPSS to enhance its model and progress towards mature inclusivity.
The visit therefore afforded the delegates the opportunity to enhance their understanding and knowledge on specific thematic areas, using Ghana as an example. They also had the opportunity to delve into GhIPSS’s scheme rules, business model, and use cases.
It was also an opportunity to establish networks and contacts among the participating countries and to facilitate ongoing expertise sharing.
The visit took the delegates to the Bank of Ghana (BoG), GhIPSS, Ministry of Finance, Hubtel, IT Consortium and to some merchant shops to see first hand how all these stakeholders contributed to the success of Ghana’s inclusive instant payment system.
Bank of Ghana
At the BoG, participants discussed Ghana’s Payment Systems regulatory and policy landscape and the importance of a robust framework to ensure secure and efficient payment systems.
They also gained understanding into how Ghana achieved its impressive digitization milestones through the remarkable progress in harnessing technology to enhance government services, promote transparency, and streamline processes.
Finance Ministry
At the Finance Ministry, Sampson Akligoh, Director of the Financial Sector Division and his team at the Ministry of Finance explained how they continue to champion the digitalization and financial inclusive efforts through a comprehensive policy framework, working towards a future where every Ghanaian can benefit from the advantages of digital finance.
Sabine Mensah, Deputy CEO of AfricaNenda, underscored the significance of Ghana’s experience in delivering essential lessons and best practices for regulators and policymakers throughout Africa.
Hubtel and ITC
Participants also had the privilege of exploring innovative products and services at Hubtel and IT Consortium, both leading fintech companies in Ghana. The engaging discussions at the two firms mainly revolved around connecting to the national switch, exploring business strategies, and delving into emerging technologies and services.
Participants explored the unique value propositions of Hubtel and ITC and they reported being inspired by how both companies are leveraging technology to solve everyday problems.
“Exploring the experience of connecting to the national switch, was an eye-opener into the challenges and opportunities of creating a seamless payments infrastructure in Ghana,” statement from AfricaNenda said.
Indeed, some practical insights were gained by visiting selected merchants in Osu to witness first-hand how Instant and Inclusive Payment Systems operate in real-world settings.
At Osu, participants had the opportunity to test the GHQR Code and GhanaPay mobile wallet with various merchants.
The visit concluded with an engaging question and answer session involving Archie Hesse, CEO of GhIPSS, and his team. They left no stone unturned in addressing all the participants’ inquiries, ensuring a comprehensive learning experience for everyone involved.
Each of the delegates spelt out what learnings they gained from the visit. Check out the video below:
