GhIPSS Instant Pay fast becoming the go-to service for quick transfers

GhIPSS Instant Pay (GIP) is fast establishing itself as the go-to platform for quick interbank transfers in Ghana.

Recent data from the Bank of Ghana's Summary of Macroeconomic and Financial Data reveals a remarkable surge, with over 11.8 million GIP transactions conducted in December last year alone.

This figure represents a substantial increase from the 8.2 million transactions recorded in the corresponding month in 2022, reflecting nearly a 45 percent growth in GIP transaction volume.

GIP, a product offered by Ghana Interbank Payment and Settlement Systems (GhIPSS), facilitates instant money transfers for both individuals and businesses, regardless of the bank's location. Often called Instant Pay, GIP is provided by various banks and is easily accessible through their Internet banking and mobile banking platforms.

This Instant transfer service has significantly enhanced public access to banking services, empowering individuals and enterprises to seamlessly transfer funds between different banks at their convenience, using computers or mobile phones.

Mr. Kwaku Tettey, the Head of Real-Time Payments at GhIPSS, emphasised in an interview that the era of cumbersome interbank transfers is long gone.

He highlighted that making payments to individuals with accounts in different banks is no longer a valid excuse for delayed transactions. Mr. Tettey urged the public to explore their banks' internet banking and mobile banking platforms, encouraging them to become familiar with the location and usage of GIP or Instant Pay.

GhIPSS has introduced various services like Automated Clearing House Direct Credit (ACH Direct Credit) and Automated Clearing House Direct Credit Near Real Time (Direct Credit NRT) for interbank transfers within 24 hours and 15 minutes, respectively. However, GIP enables transfers to be effected within seconds, delivering on its name.

Mr. Tettey emphasized that GIP not only ensures the prompt transfer of funds but also prioritizes security, safety, audit trails, and overall convenience for both businesses and individuals. He encouraged the public to opt for GIP when seeking to make rapid payments, utilising funds readily available in their bank accounts.

Experts predict that GIP serves as a significant catalyst for financial inclusion in Ghana, as more people now recognise that having money in the bank is just as accessible and efficient as having it in their wallets or pockets.