Desist from withdrawing large sums of money, resort to digital means – GhIPSS CEO

Archie Hesse   GhIPSS CEO Archie Hesse, Chief Executive Officer of the Ghana Interbank Payment and Settlement System

Mon, 25 Oct 2021 Source: www.ghanaweb.com

• Redrawing huge sums of money from banks can be a recipe for disaster

• There have been increasing bank-related robberies in the country

• Businesses, individuals have been urged to resort to digital means of money withdrawals

Individuals and businesses operating in the country have been urged to desist from withdrawing large sums of money from the banks and other financial institutions but rather resort to the use of digital means.

The call, according to Chief Executive of the Ghana Interbank Payment and Settlement System, Archie Hesse, is necessary to avert the increasing number of bank-related robbery attacks.

In an interaction with Citi Business News, Hesse advised that persons seeking to withdraw huge sums of money must liaise with their various financial institutions or mobile money operators to raise their withdrawing thresholds.

“The issue of threshold is linked to the Know Your Customer (KYC) details you submit before an account or wallet is opened for you. All banks for safety reasons will set a threshold, but if you feel that the threshold is not appropriate for your operations, you talk to your relationship manager for it to be increased,” the GhIPSS boss said.

“If you are a wallet account holder then you will be able to put in one of three categories, lowest, middle or high. If the transfer threshold in your category doesn’t work for you, you can engage the service provider for the requirement to qualify for a higher band, and then you take steps to satisfy it,” he added.

Over the past few months, some heavily armed persons have been meting out various attacks on persons who may have transacted business at a bank. This has heightened the level of insecurity in the country despite the police already making some arrests.

So far, there have been stakeholder consultations with the Ghana Police Service, the Ghana Association of Bankers and the Bank of Ghana to address the safety movement of money by individuals, banks and other financial institutions.

Source: www.ghanaweb.com
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