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Ghana Learning Visit Showcasing GhIPSS Instant Payment System

Ghana has recently taken the spotlight in the realm of advanced payment solutions with its Instant Payment system, GhIPSS Instant Pay (GIP). In a learning visit organized by AfricaNenda in collaboration with GhIPSS, from May 8th to 12th, 2023 in Accra, Ghana's payment system journey was showcased to African central banks and payment switches. This visit aimed to foster knowledge sharing and provide valuable insights into Ghana's innovative payment system, contributing to the continent's quest for greater financial inclusion.

According to the State of Instant and Inclusive Payment Systems (SIIPS) in Africa report of 2022, GhIPSS Instant Pay is considered one of the most advanced solutions on the continent. Its inclusivity was evaluated based on predefined criteria, resulting in a commendable rank of "progressed inclusivity." Beyond meeting the fundamental SIIPS criteria, GhIPSS Instant Pay also offers inclusive functionality, supporting widely-used channels and crucial use-cases such as peer-to-peer (P2P) and peer-to-business (P2B) transactions. Impressively, by December 2022, GhIPSS had processed an average of 17.9 million Instant Payment transactions each month. With an interoperability ecosystem encompassing 55 financial institutions, GhIPSS enables seamless fund movement across diverse payment platforms within Ghana. AfricaNenda's detailed case study further highlighted the potential for GhIPSS to enhance its model and progress towards mature inclusivity.

Recognizing Ghana's strides in developing its Instant Payment solution, AfricaNenda joined forces with GhIPSS to organize a peer learning visit, welcoming representatives from various African countries, namely Burundi, Cameroon, Democratic Republic of Congo, Guinea, Rwanda, Sierra Leone and Zambia. The primary objective was to enhance understanding and knowledge among central banks and payment switch operators on specific thematic areas. Participants had the opportunity to delve into GhIPSS's scheme rules, business model, and use cases. Additionally, the visit aimed to establish networks and contacts among the participating countries, facilitating ongoing expertise sharing.

M Kwame Oppong - Head of FinTech and Innovation, Bank of Ghana

Participants discussed Ghana's Payment Systems regulatory and policy landscape and the importance of a robust framework to ensure secure and efficient payment systems.

Dr. Settor Amediku Kwabla, Director, Payment Systems Department, Bank of Ghana

Ghana's impressive digitization milestones demonstrate the remarkable progress made in harnessing technology to enhance government services, promote transparency, and streamline processes.

Participants discussed Ghana's Payment Systems regulatory and policy landscape and the importance of a robust framework to ensure secure and efficient payment systems.

Ghana has witnessed remarkable achievements in digitizing payment systems, expanding access to financial services, and promoting inclusive growth. Sampson Akligoh, Director of the Financial Sector Division, and his team at the Ministry of Finance continue to champion these efforts through a comprehensive policy framework, working towards a future where every Ghanaian can benefit from the advantages of digital finance.

Sabine Mensah, Deputy CEO of AfricaNenda, underscored the significance of Ghana's experience in delivering essential lessons and best practices for regulators and policymakers throughout Africa

Participants had the privilege of exploring innovative products and services at Hubtel and IT Consortium, both leading fintech companies in Ghana. Engaging discussions revolved around connecting to the national switch, exploring business strategies, and delving into emerging technologies and services.

The discussions on business strategy were particularly engaging, as participants explored the unique value propositions of Hubtel and ITC. It was inspiring to see how both companies are leveraging technology to solve everyday problems.

Exploring the experience of connecting to the national switch, was an eye-opener into the challenges and opportunities of creating a seamless payments infrastructure in Ghana.

Practical insights were gained by visiting selected merchants in Osu, witnessing firsthand how Instant and Inclusive Payment Systems operate in real-world settings.

Participants had the opportunity to test the Ghana QR Code with various merchants.

The visit concluded with an engaging question and answer session involving Archie Hesse, CEO of GhIPSS, and his team. They left no stone unturned in addressing all the participants' inquiries, ensuring a comprehensive learning experience for everyone involved.

The participants departed with valuable knowledge, new connections, and inspiration to drive the advancement of payment systems in their respective countries. Ghana's Instant and Interoperable Payment System serves as a beacon of hope for the continent, illustrating the transformative power of inclusive payment solutions in driving financial inclusion and economic empowerment across Africa.