The Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) has announced a strategic partnership with Visa to enable the processing of domestic transactions in Ghana Cedi with Visa cards issued in Ghana.
GhIPSS posted a press release on 16th January 2024, noting that as Ghana’s National Payment Systems Infrastructure Provider, it will handle switching, clearing, and settling domestic Visa transactions between acquirers and issuers in the country.
This collaboration aligns with the Bank of Ghana’s Guidelines for Domestic Processing of Payment Card Transactions with Payment Cards Issued in Ghana, published in August 2021. The guidelines aim to facilitate the processing of international card schemes’ domestic transactions locally.
GhIPSS will leverage Visa’s advanced payment processing technology to enhance its platform, providing domestic customers with the benefits of Visa’s global expertise in digital payments. The partnership is expected to contribute to the growth of digital financial services in Ghana and promote financial inclusion.
Archie Hesse, CEO of GhIPSS, expressed confidence in the success of the partnership, stating, “our partnership with Visa, a global brand that has extensive experience in digital payments, is an important step for our business. It is an outstanding opportunity for us to leverage Visa’s expertise and assets to get better at our craft while delivering value to Visa customers in Ghana.”
Speaking on the partnership, Andrew Uaboi, Vice President and Cluster Head of Visa West Africa, noted that it’s part of Visa’s “unwavering commitment to driving financial inclusion expansion across Ghana.” He added, “we believe that by leveraging our global network and innovative payment solutions, we can empower individuals and businesses, fostering economic growth and prosperity for all.”
About GhIPSS
GhIPSS provides interoperable platforms for digital financial services in Ghana, including services such as the National Biometric Smart Card Banking & Retail System (e-zwich), Cheque Codeline Clearing (CCC) & Automated Clearing House (ACH) Systems, National Switching and Processing System (gh-link™), GhIPSS Instant Pay (GIP), and GhanaPay Mobile Money.
GhIPSS’s payment infrastructure is used by all banks in Ghana including the ARB Apex Bank and its affiliates, (The apex body for rural and community banks), savings and loans companies and third-party payment services providers (international card schemes, mobile money companies and Fintechs).
