Ghana Interbank Payment and Settlement Systems (GhIPSS) has commenced the celebration of its 10th year anniversary with public lectures in Accra. The lecture was on the Evolution of Payment Systems in Ghana.
Five key industry players made presentation on various topics that bothered on Ghana's journey from a cash dominated society to a cashlite one. The presentations highlighted global trends and how Ghana is faring in it bid to become an electronic payment society.
Dr. Acquah, a Former Governor of the Bank of Ghana and Chairman for the lecture, called on the Central Bank to manage risks inherent in the industry. “One has to look at the risk involved in a potential failure or a potential lack of viability of any participant in the industry and that is where the Central Bank’s role to protect the stability of the financial system comes in handy,” he observed.
According to him, the financial sector was a privileged industry so that the criteria for entry and participation had to be transparent, and promote a degree of safety. On the issue of acceptance on the part of consumers, he said it bordered on “information, education and transparency in selling or promoting the product to consumers.”
He charged the regulator to educate consumers so they have confidence in the products and services the system has to offer. "Protecting the consumer is important." He added.
He pointed out that “the issues within the industry are multi-dimensional and there is a need for the regulator to hold frequent fora to discuss the challenges found within so that we don’t have a situation where failure in one segment affects the entire operation of the system.”
The CEO of GhIPSS, Mr. Archie Hesse welcomed the call from the former governor of the BoG, Dr. Paul Acquah for the risks involved in the country’s electronic payment systems to be managed properly. He described the call as timely and hoped the regulator would take up the challenge and steer the affairs of the industry adequately.
The series of Lectures were delivered by Dr. Settor Amediku, Bank of Ghana; Sheikh Jobe, Standard Chartered Bank; Curtis Vanderpuije, ExpressPay; Emezino Afiegbe, VISA West Africa and Eli Hini of MTN Mobile Money were the Presenters at the Lecture.
The Public Lecture was chaired by Dr. Paul Acquah, Former Governor of the Bank of Ghana.