The Chief Executive of the Ghana Interbank Payment and Settlement System (GhIPSS), Mr. Archie Hesse, says they are working around the clock to ensure intra-African payments from and to Ghana are smooth once the Pan-African Payment and Settlement System (PAPSS) becomes fully operational.
The operational roll-out of the revolutionary continent-wide payment facilitation platform in local currencies, happened in September this year.
Its full implementation is expected to save the continent more than US$5 billion in payment transaction costs each year.
In an interview with Citi Business News, Mr. Archie Hesse noted that all is being done to ensure that Ghana is not left behind when the PAPSS system goes fully operational.
“The role that we are going to play as the national switch is to connect to the PAPSS system. I know the Central Bank is taking a lead with that to design the flow and how we can all play in that space. But effectively all interbank transactions will emanate from the various financial institutions through GhIPSS to the Central Bank that is also connected to the PAPSS system and they will facilitate inter-country payment on how behalf.”
“What we are going to do is to support the Central Bank in that regard and ensure that our system is connected to the PAPSS system. I know our team is working with the PAPSS system to ensure that connection is done. We are in the process and working to ensure that Ghana is not left behind,” he added.
Source: Citi Newsroom