Ghana Interbank Payments GHIPPS introduces instant interbank money transfer

Currently money transfer from one account to the other averagely takes 3 to 24 hours for express, and between 24 hours and 72 hours for a normal transaction. However under the GHIPPS Instant Pay, the transfer will be done in minutes.

  • Published:
Chief Executive Officer of GHIPPS, Archie Hesse play

Chief Executive Officer of GHIPPS, Archie Hesse

24/7 Live - Subscribe to the Pulse Newsletter!

The Ghana Interbank Payment and Settle Systems has successfully reduced the time needed in transferring money from one account to the other.

Currently money transfer from one account to the other averagely takes 3 to 24 hours for express, and between 24 hours and 72 hours for a normal transaction. However under the GHIPPS Instant Pay, the transfer will be done in minutes.

READ MORE: Cashless economy BoG advocates for cashless economy

This forms part of the GHIPSS’ aim to revolutionize the banking system with IT in order to quicken banking transactions to save time as well as increase safety.

Chief Executive Officer of GHIPPS, Archie Hesse says banking innovation is extremely neccessary if Ghana is to catch up with the world in terms of world-class banking transactions.

“We are bringing this at a time when Ghana is pushing for a cash-lite economy. This makes it necessary for us to come up with ways to make some of these mandatory processes quicker, instant if need be”, he said.