The Ghana Association of Bankers (GAB) and the Ghana Interbank Payment and Settlement Systems (GhIPSS) have agreed to extend the waiver of fees on digital banking platforms to June 20, 2020.
In a statement on Thursday, the Ghana Association of Bankers said, “We, therefore, encourage all our customers to continue using our alternate digital banking platforms and visit physical branches of Banks only when it is absolutely important and necessary to do so.”
The two institutions had earlier disagreed on the resumption of fees on the GhIPSS Instant Pay (GIP), Mobile Money Interoperativity (MMI) and ACH Direct Credit.
This is after the Ghana Interbank Payments and Settlements Systems (GhIPPS) directed financial institutions to end the fee waiver granted to customers who use these services.
“Following a review of financial position, we have decided we are unable to sustain the fee waiver regime any further and will re-instate all transaction fees with effect from May 23, 2020,” GhIPSS said in a statement.
Background
On March 19, the Central Bank announced some measures including the waiving of fees on some digital payment options including mobile money aimed at reducing cash transactions and boosting digital payments.
One of the key measures was that all mobile money users can send up to GH¢100 for free (excluding cash out).
This includes sending to a recipient on the same network, or another network via the interoperability platform. Also, all mobile phone subscribers are now permitted to use their already existing mobile phone registration details to be on-boarded for Minimum KYC Account.
This subsequently led to GhIPSS announcing a waiver of transaction fees across three platforms namely: GhIPSS Instant Pay (GIP), Mobile Money Interoperability (MMI), and ACH Direct Credit.
Latest Stories
-
Paris Olympic hopes hang in the balance as Ghana’s 4×100 relay team drops baton at World Relays
1 hour -
Western Regional House of Chiefs commends Bawumia for his humility and respect for traditional authorities
2 hours -
#JustTurned18: First-time voters critical to deciding 2024 presidential election
3 hours -
Video: EC lied that the cost per voter in 2020 was $7.7; it was $12.5 – Bright Simons
3 hours -
Former IGP passes on
4 hours -
Ejisu by-election: Kwadaso MP gave money to EC officials out of goodwill – Ahiagbah
4 hours -
Millennium City: Land owner breaks silence on fatal shooting of soldier
4 hours -
Photos of 2024 Aboakyer Festival
5 hours -
#JustTurned18: I now have an opportunity to use my thumb to bring someone into power – Excited prospective voters
5 hours -
OSP acted as a whistleblower transferring Cecilia Dapaah’s case to EOCO – Sammy Darko
5 hours -
IMF calls for tariff adjustment for energy sector cost recovery
5 hours -
Samson’s Take: Journalists, block the pretentious idiots
7 hours -
Real Madrid crowned LaLiga champions after Barcelona’s defeat at Girona
7 hours -
Daniel Otting Awuah elected SRC President of Ghana School of Law
8 hours -
Lawrence Ati-Zigi signs St. Gallen contract extension
8 hours