The Bank of Ghana (BoG) has given universal commercial banks operating in the country up to December 31, 2016 to fully implement the Ghana Instant Pay (GIP) system or face sanctions.
Chief Executive Officer (CEO) of the Ghana Interbank Payments & Settlements Systems, Archie Hesse, speaking at a stakeholder meeting in Accra with banks, telcos and allied players in the financial sector towards full implementation, disclosed that only nine banks have so far signed onto the system.
They include Zenith Bank, Capital Bank, UBA, Royal Bank, Standard Chartered Bank Cal Bank, Energy Bank, UMB and Agricultural Development Bank (adb).
Giving assurance to customers on the adequate security provided by the Instant Pay Service, Mr Hesse said the platform allowes bank account holders to transfer money from their accounts to other accounts instantly, regardless of whether the bank has met international best practices or not.
“The security features we have are consistent with best practice depending on the channel we use, you realize that in order to access it you must go through your bank’s internet portal,” Mr Hesse said.
He also called on banks to constantly improve their services.
The CEO stated that banks’ clients would be provided some security features before they are introduced to the service, adding that most of the fraud emanate from the cheque environment.
“In terms of transmission, it is between the sending banks, GhIPSS and the receiving banks. That section, which is applicable to us, is fairly hardened and secure,” he said.
By Samuel Boadi