Bankers Association kicks against decision to re-introduce fees on electronic transactions

The Ghana Association of Bankers has kicked against the Ghana Interbank Payments and Settlements Systems (GhIPPS) decision to re-introduce waived fees charged on electronic transactions.

GhIPPS bringing to end fee waivers mean customers who use the GhIPSS Instant Pay (GIP), Mobile Money Interoperability (MMI) and ACH Direct Credit to transact business will be charged.

Reacting to this development, the CEO of the Ghana Association of Bankers Daniel K Mensah said his outfit disagrees with any unilateral withdrawal of the waivers contrary to pronouncements made to the public.

“While we share in the expression of financial burden being borne by all actors in the financial services sector who have implemented various forms of concessions during the pendency of Covid- 19, we do not agree with any unilateral withdrawal of the waivers contrary to pronouncements made to the public.”

“Banks, as collecting agents for GhIPSS, have in reliance on the waiver, communicated to our clients that the waiver of fees on digital platforms and other alternative channels for banking will be in force throughout the pendency of the epidemic.”

The letter added, “Any unilateral withdrawal of the waivers by GhIPSS will be detrimental to the image and credibility of the banking sector. We are therefore by this letter calling for a meeting with GhIPSS and Governor of Bank of Ghana to urgently discuss this emerging development and will respectfully ask that until such meeting is held and firm decision taken, GhIPSS suspends the decision taken on the withdrawal of the waivers.”

GhIPSS waives fees off electronic transactions

As part of efforts to promote and encourage the use of digital payment options to limit the possible spread of the Coronavirus through physical cash, the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) in March said it has waived off fees on all electronic payments services used by its partner financial service providers.

The fee waiver which was introduced from Monday, 23rd of March, 2020 was regardless of the volume and value of transactions.

One of the key measures 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 three platforms: GhIPSS Instant Pay (GIP), Mobile Money Interoperability (MMI), and ACH Direct Credit.