Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) has partnered with Visa, enabling GhIPSS to process domestic transactions in Ghanaian Cedi using Visa cards issued in Ghana. This collaboration aligns with the Bank of Ghana’s guidelines for domestic card transaction processing.
By partnering with GhIPSS, Visa will leverage GhIPSS’ standing as the National Switch and provider of digital financial services platforms. GhIPSS will benefit from Visa’s advanced payment technology, promoting Visa’s brand to domestic customers.
Archie Hesse, GhIPSS CEO, stated that this partnership will offer savings for local banks and their customers by eliminating dollar payments to foreign processing entities. With GhIPSS being a state-owned payment switch mandated by the Bank of Ghana, it will work towards reducing costs for both banks and customers, while increasing its transaction volume.
The partnership also aims to deepen financial inclusion by enabling non-Visa ATMs to process Visa transactions locally, extending Visa services to the lower-income groups, and merging Visa Card with GhIPSS’ ghlink Card for international remittance receipts and online shopping.
Hesse is confident that the partnership will encourage Fintechs to innovate and further deepen financial inclusion. Andrew Uaboi, Visa West Africa’s Vice President and Cluster Head, reiterated Visa’s resolution to drive financial inclusion expansion in Ghana.
The technical and commercial aspects of the partnership are being finalized, with benefits expected to be introduced by the end of this year.
