The co-founder of Fintech Chamber has called on the Ghana Interbank Payment and Settlement System Ltd (GhIPSS) to extend the fee waiver on financial interoperability platforms.
Arnold Kavaarpuo said it will afford businesses and consumers the room to recover from the effect of the coronavirus.
According to him, the waiver incentivised people to get unto the platform during the pandemic.
He fears people will resort to using physical cash when government is working tirelessly to digitise the economy with its recent introduction of QR code.
Speaking to Joy Business, the Fintech Chamber said the resumption of the service charges will take a toll on businesses hence the need for its suspension until further notice.
“I believe the fee waiver should have been sustained whilst using the virus as a great platform to drive impetus on our cash light agenda,” Arnold Kavaarpuo said.
The Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS) announced the waiver of fees on electronic payment services used by its partners and financial service partners due to the COVID-19 and its impact on service providers.
The waiver which started on Monday, 23rd of March expired last weekend June 21, 2020.
In a statement issued by GhIPSS, indicated that they can’t sustain the waiver according to a statement.
“Following a review of the financial position, we have decided we are unable to sustain the fee waiver regime any further and will reinstate all transaction fees with effect from May 23,” it said.
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