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ACCRA, GHANA: Ghana Interbank Payment and Settlement Systems (GhIPSS) has announced it will provide switching services to rural and community banks in the country These banks are unable to acquire their own switches to deliver electronic based products and services due to lack of funds for such investment.
Banks are required to own switches to enable them undertake a number of electronic transactions, including ATMs, mobile and internet banking. The GhIPSS CEO Mr Archie Hesse says the switching services will enable rural banks to provide improved services to their customers while deepening participation and patronage of banking services in remote communities.
“The provision of switching services for the rural banks means that they also can provide various electronic based products and services and yet avoid the initial prohibitive cost of acquiring switches,” Hesse told Ghana News Agency on Thursday. “Customers of rural banks should not be left out of the positive changes taking place in the financial sector simply because their banks do not have that financial muscle. They can share a common platform and reduce cost but enjoy the service,” he said. The move is in line with the Bank of Ghana’s objective of enhancing financial inclusion, with the rural population as a clear target.
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