How Is Ghana Going To Be Digital Payment Country For All The Transactions?

Do you send credit to Ghana through a mobile application? The automation of conventional banking services is known as digital banking. Customers of a bank may use an electronic or online portal to access banking products and services. Digital banking entails digitizing all banking operations and replacing the bank’s physical presence with an always-on online presence, obviating customers’ need to visit a branch.

As a forward-thinking bank, Central Bank has collaborated with telecommunication companies to launch the Digital Payment Bank2Wallet Service. The service enables users to connect their conventional bank accounts to their mobile money wallets to make payments for goods and services, perform funds transfers, and so on, 24 hours a day, seven days a week.

The unbanked now have access to conventional banking items. We will use mobile devices, the web, and other services to provide customers with faster and more convenient essential financial services like online money transfer to Ghana from developed nations,  Oroh says in a recent interview. Bank accounts can now be connected to mobile money accounts, allowing users to quickly move funds from one mobile money network to the next, thanks to the Ghana Interbank Payment and Settlement Systems (GhIPSS) introducing an interoperability scheme.

What Is GhIPSS?

The Bank of Ghana’s Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) is a wholly-owned subsidiary. It was established in May 2007 with the mission of implementing and managing interoperable payment system infrastructures, e.g. sending money to Ghana online for Ghana’s banks and non-bank financial institutions. GhIPSS is committed to upholding very high levels of excellence, efficiency, honesty, and timeliness for all of its services. GhIPSS was able to achieve ISO27001 certification thanks to these requirements.

How Is Ghana One Step Forward as Compare To Other African Countries In Digitalization?

Following the formal outdooring of Ghana’s Universal QR Code on Thursday, November 19, 2020, Ghana became the first African country and the third nation in the world to carry out a national Quick Response (QR) Code payment scheme.

Ghana’s Universal QR Code, which is genuinely revolutionary globally and can meet traditional and digital service customers’ needs, is a crucial plank in the state’s efforts to ensure financial inclusion and comes after the practical introduction of Mobile Money Integrations.

The Bottom Line:

Ghana’s digital finance sector continues to expand. Banks and other organizations must be mindful of emerging developments as things become more digital and features such as Mobile Money continue to expand exponentially. Aware of the rising trend of digital transactions, the Bank of Ghana recently implemented regulations to aid in the growth and regulation of the fintech sector.

Ghanaian banks are gradually shifting toward digital solutions. Standard Chartered, Stanbic, and Fidelity Bank, among others, have been promoting their mobile banking to customers to promote more online money transfer to Ghana and the outside world.