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.


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.