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The CEO of the Ghana Interbank Payment Settlements and Systems (GhIPSS), Archie Hesse, has commended GOIL for taking a giant leap by enabling its Point of sale terminals to accept gh-link cards.
 
GhIPSS, he noted will pursue its mandate to migrate Ghana into an electronic payment society noting GOIL has shown great leadership and achieved a great feat for being the first OMC to partner his outfit, emphasizing ‘GOIL must be celebrated for this’.
 
He was speaking at a ceremony to launch the use of the gh-link card on GOIL’s Point of Sale (POS) devices across the country. With this development, all gh-link cardholders can use their cards to pay for the fuel at all Goil locations across the country.
 
The Chief Operating Officer COO, of GOIL, Alex Adzew, who spoke on behalf of the Group CEO/Managing Director, Kwame Osei -Prempeh, noted the company is pushing a drive to increase digitized payments to help eliminate the use of physical cash at its service stations.
 
He said it was of utmost importance now to eliminate the use of physical cash adding that digital payment for goods and services must be encouraged because of its convenience especially in the wake of the COVID-19 pandemic.
 
The Head of Payment Systems Department of Bank of Ghana, Dr Settor Amediku, who represented the Governor of Bank of Ghana, said, given the exigencies of the times and the uptakes in electronic transactions, GOIL has taken the right steps and shown leadership by collaborating with GhIPSS to broaden the scope of its electronic sales products.
 
The Board Chairman of GOIL, Kwamena Bartels said apart from delivering convenience to customers, GOIL’s move, the first by an Oil Marketing Company, was part of efforts to drive the national digitization agenda spearheaded by the Vice-President of Ghana.
 
A demonstration of the card usage and transaction was later done by GOIL’s head of IT, Planning and Research, Anthony Twumasi.
 
He explained that using the gh-link card at GOIL service stations offers an opportunity for good record-keeping at each purchase with withdrawals recorded automatically on customers’ monthly bank statements, helping card-holders track and manage transactions.
 

The launch was also attended by some Board and management members of GOIL, officials of GhIPSS, GOIL’s Brand Ambassador, COPEC and representatives of some Banks.

 

Express ACH Direct Credit recorded a 51 percent growth in its volume of transactions in the first quarter of this year compared to the same period in 2019, according to the first quarter product performance report by the Ghana Interbank Payment and Settlement Systems (GhIPSS).

Express ACH Direct Credit recorded a total of 286,516 transactions from January to March this year compared to 189,587 for the same period in 2019. This points to increasing public preference for payment systems that offer them faster access to their funds. ACH Direct Credit is an electronic form of transferring funds from one bank account to another. A regular Direct Credit transfer is effected between 24 and 48 hours, however, an express Direct Credit is effected the same day, once the request is made before 10 O’clock in the morning.
 
The over 50 percent growth in Express ACH is significantly higher than the 12 percent growth that the regular ACH Direct Credit recorded during the first quarter of this year. It is also better than the 3 percent drop in the volume of cheque transactions. The growth in the volume of Express ACH Direct Credit follows a similar growth pattern in payment channels such as GhIPSS Instant Pay and Mobile Money, all of which offer faster access to transferred funds.
 
The world is gravitating towards faster access to funds or real-time payments with many banks and FinTechs streamlining traditional banking services to build their business models around real-time payments.
 
The Chief Executive of GhIPSS Archie Hesse suggested that changing lifestyle, technology and in particular the prevalence of smartphones are some of the reasons why the preference for faster or real-time payments keep rising. He explained that GhIPSS is in tune with the trend and will continue to develop payment solutions that meet what he described as “the instant economy”.
 

GhIPSS earlier this year launched the universal QR code and the Proxy Pay, both of which are in line with faster and real-time payments. Mr Hesse hinted and many products have been lined up to add on to the existing list of real-time payment channels.

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