[ 2012-09-19 ]

GhIPSS targets a million GACH transactions monthly - CEO
Accra , Sept 19, GNA - The Ghana Interbank Payment
and Settlement Systems (GhIPSS) has stepped up its
campaign to significantly increase the patronage
for the Ghana Automated Clearing House (GACH).

Mr Archie Hesse, Chief Executive Officer,
disclosed this in an interview in Accra as the
company prepares to engage different groups of
people on the benefits of using GACH.

Mr Hesse said GhIPSS would meet with the different
groups to educate them on the relevance of GACH.

GhIPSS has already held workshops for banks which
have resulted in a jump in the use of the payment
system by banks for salary payments.

The electronic form of payment enables a customer
to make recurring payment at predetermined date
electronically while a service provider is also
enabled to use this payment system to receive
recurring and regular payments from its customers
electronically.

GACH comes in two main forms, the Direct Credit
which is used to make payments and Direct Debit
which is used to receive payments.

Following the seminar for banks, the use of Direct
Credit has more than doubled in the first half of
the year from 50,000 payments every month to
110,000 payments every month.

“The volume of transactions keeps going up and
GhIPSS hopes to hit the half a million mark by the
end of the year. Direct Debit on the other hand is
yet to pick up significantly although it has also
seen its volumes experience multiple growths,” Mr
Hesse said.

He said the strategy was to focus more attention
on Direct Debit to also grow its volume to half a
million which would bring the total GACH
transactions to one million every month.

He said the company was therefore working closely
with the banks and other organizations to realize
that target.

Mr Hesse emphasized the benefits of GACH stating
that it was a more efficient way of making
payments that were made on regular basis such as
payment or receipt of utility bills or servicing
of hire purchase and other credit facilities.

He explained that for people who were paying for
items bought on hire purchase or making other
payments by depositing leafs of postdated cheques,
it was a lot better to resort to the GACH Direct
Credit.

“Why do you have to deplete your cheque book when
you can just go to the bank for GACH which is a
one off instruction,” he asked.

Mr Hesse added that in the same vein,
organizations such as utility companies and other
service providers need not saddle themselves with
piles of cheque leafs with varied dates and
amounts when such regular or recurring payments
could be received electronically through Direct
Debit.

Source - GNA

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