Prime News Ghana

All charges on Mobile Money transaction resume today 

By Justice Kofi Bimpeh
Mobile Money transaction
Mobile Money transaction
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Customers will be required to pay all charges on Mobile Money transactions from today, June 22.

This is after the waiver for transactions aimed at reducing the spread of Covid-19 ended over the weekend.

Ghana Interbank Payment and Settlement Systems, GhIPSS earlier directed financial institutions to resume charges on some transactions in the country.

According to GhIPSS, financial institutions and firms are to end the waiver given to customers.

But this did not go down well with some customers who believed the virus is still in the country and there will be the need to continue the waiver.

Customers will now pay the charges and fees on mobile money interoperability services and other financial platforms.

GhIPSS its earlier notice said, "The sustainability of these gestures were premised on the assumptions that inflow from the cheques and E-zwich business will cushion the company over the period."

But they were not able to cash in more from these services forcing them to resume the charges which were waived in March.

The Ghana Interbank Payment and Settlement Systems (GhIPSS), a wholly-owned subsidiary of the Bank of Ghana, in March announced a waiver of fees on electronic services.

In a press statement, it said all commercial banks, Fintechs and Mobile Money (MoMo) Operators, leveraging the various platforms to offer electronic payment services were not going to incur any service charges.

This took effect from today – Monday, March 23, and the waiver is regardless of the volume and value of the transaction.

READ ALSO : Ghanaians unhappy with GhiPSS resumption of charges on some financial transactions 

Mobile Money Interoperability (MMI) and all cross wallet transactions on the platform, it said, would not attract any fees, likewise the GhIPSS Instant Pay (GIP), Banks and Fintechs offering Instant Pay services.

This, it added, applied to Banks leveraging the ACH-Direct Credit platform for bulk payments such as salaries on behalf of corporate institutions.

The GhIPSS expressed confidence that the fee waiver would contribute to efforts at promoting and encouraging the use of digital payment options to limit the possible spread of the flu-like COVID-19 through contacts with cash in physical form.

It therefore urged the partner banks, Fintechs and MoMo service providers to make the services available to customers on their various digital and mobile payment platforms - the mobile app, Internet banking and USSD.

The GhIPSS also appealed to the public to turn to these and other electronic payment options and avoid the use of physical cash as much as practicable.

It said the Ghana Quick Response (GhQR) and Proxy Pay services, which would be launched on March 25, would also provide additional channels for the public to transact business electronically. GhIPSS reminded the people to observe personal hygiene and social distancing in order to curb the spread of the COVID-19.