News & Events

Patronage for Express Clearing of cheques up 80 per cent
Patronage for Express Clearing of cheques up 80 per cent
Source: GNA Date: 25th July, 2016 Tag: News

Patronage of people opting for express clearing of cheques has gone up by almost 80 per cent (79.26 per cent) in the first half of the year compared to the same period last year.

The latest statistics is contained in the half year report of Ghana Interbank Payment and Settlement Systems (GhIPSS).

The increase in volume of the express cheque clearing transactions could be attributed to public education and awareness of the service.

The value of cheques cleared through the express window also went up significantly by 62 per cent.

The express clearing of cheques implies that when one pays in a cheque of a different bank into your account, the fellow could access the money on the same in just a couple of hours.

It is one of the services introduced by GhIPSS as part of its mandate to encourage non-cash forms of payments.

GhIPSS, together with the banks, last year embarked on a public education to encourage the patronage of express clearing of cheques and it appears that campaign is yielding dividends.

Despite the impressive growth in the volume of patronage for express cheque, more than 90 per cent of cheques continue to be cleared through the normal system.

Speaking in an interview, the Chief Executive of GhIPSS Archie Hesse, said because express clearing of cheque is need based, it is not anticipated that it would compete with the normal clearing.

He noted that the close to 80 per cent increase in patronage for the express service is a very positive development.

Mr Hesse indicated that GhIPSS together with the banks would continue to educate the public on the existence of the express clearing of cheques, so that people who need that service could request for it from their banks.

Currently, cheques clear between two to three days under the normal window and between two and four hours under the express window.

The GhIPSS Boss explained that the various improvements introduced into cheque clearing was to increase public confidence in the use of cheques for payments.

He indicated that because cheques clear faster today compared to the past, a lot of people, particularly individuals are comfortable in accepting it or presenting it as a form of payment.

  • Current News & Events
    • new
      Foreign remittance to bank accounts and e-zwich cards now a reality in Ghana
      Recipients of foreign remittance can now opt to have the money paid directly to their bank account.... read more»
    • new
      Six government programmes use e-zwich for transparency
      Some six government social interventions and programmes have since June adopted e-zwich.... read more»
    • new
      Banks need standards to deepen fight against electronic fraudsters
      The Chief Executive Officer of Ghana Interbank Payment and Settlement System (GhIPSS) ... read more»
    • new
      Patronage for Express Clearing of cheques up 80 per cent
      Patronage of people opting for express clearing of cheques has gone up by almost 80 per cent ... read more»
    • new
      LEAP Secretariat to make 43rd Cycle payments in August
      The Livelihood Empowerment Against Poverty (LEAP) Programme, will commence its... read more»
    • new
      GhIPSS to host Instant Pay User engagement
      The Ghana Interbank Payment and Settlement Systems (GhIPSS) will on Thursday ... read more»
    • new
      e-zwich helps flush out 35,000 ghost names from payroll ůsaves Gov't GH¢146m
      The implementation of the e-zwich payment system last year by the Ghana National Service Scheme .... read more»
    • new
      Government urged to use e-zwich platform for salaries
      Government could save much money if it takes the bold step to pay workers on its payroll via the e-zwich platform, Mr. Archie Hesse... read more»