Instant pay patronage soars

Latest figures from GhIPSS suggest that in the first quarter of this year, 1,254 Instant Pay transactions took place but the number went up by some 472.6 percent to 7,181 transactions by the end of the second quarter.

The value of the transactions was worth about GH¢5.5 million in the first quarter and over GH¢16 million by the end of the second quarter, a growth of almost 200 percent.

GIP became operational late last year and has been recording impressive patronage by the banking public.

Most of the banks have customised the service and allowed their customers to use both online and mobile phone applications to access it.

Currently, apart from cheques, interbank transfers can also be done through Automated Clearing House (ACH). However, these services take at least 24 hours for the transaction to be effected except under the express service window, which takes a couple of hours at the minimum.

The introduction of the Instant Pay, which ensures immediate interbank transfer, has therefore completely demystified interbank transfers.

It also comes handy for businesses and individuals who need to urgently send or receive money.

Archie Hesse, Chief Executive Officer of GhIPSS, said Instant Pay is “as good as cash but even more secure.”

He explained that with the service, money in the bank account could be quickly moved around even faster than cash, urging the public to request for it anytime they need to make quick payments.

“Banks are offering instant pay as internet banking and on mobile phones so you don’t need to step out to send huge or small sums of money and the recipient will get it immediately,” he added.

Instant Pay and Mobile Money have been described as the two electronic payment services that can speed up financial inclusion in Ghana.

He therefore urged the banks to continue to create awareness, as it could form the strong basis to rope in the unbanked, particularly those in the vibrant informal sector.