23 March 2020 – Banks remove service and transfer charges for electronic payments

Type of Intervention: Advisory
Sectors Involved: Central Bank, Finance/Economy
Intervention Categories: Finance policy and financial aid; Non-governmental interventions; Businesses
Level of Jurisdiction: National
Lead People/Agency: Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS) . all banks, Fintechs and mobile money operators

Overview: This directive came from the Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS) . GhIPSS in partnership with all banks, Fintechs and mobile money operators, have waived off fees on electronic payments services used by its partner Financial Service Providers regardless of the volume and value of transactions, until further notice.

Charges on the following have been waived effective, Monday, 23rd of March, 2020:

i. Mobile Money Interoperability (MMI): All cross wallet transactions on the mobile money interoperability platform shall not attract any fee from GhIPSS

ii. GhIPSS Instant Pay (GIP): Banks & Fintechs offering Instant Pay services to their respective customers shall also not pay any service charge to GhIPSS

iii. ACH – Direct Credit: Banks leveraging the ACH Direct Credit platform for bulk payments such as salaries; on behalf of their corporate Institutions shall also not incur any service charge from GhIPSS

Full details here: https://citinewsroom.com/wp-content/uploads/2020/03/GhIPSS-Press-Release.pdf

Other links: 1 2 3
Type of Justification: Advice of INTERNAL government advisory committee or group, PRESIDENTIAL ADRESSES IN RESPONSE TO COVID 19
Source of Evidence or Justification: National – government, PRESIDENTIAL ADDRESSES ON COVID 19 RESPONSE
Evidence/Justification: This is to promote and encourage the use of digital payment options to limit the possible spread of the COVID-19 Virus through physical cash contact and human interaction at the banking halls and ATM booths based on the President’s directives on social distancing