The Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) will be reinstating the fees it charges on its services on May 23.
GhIPSS stated that it is currently unable to continue waiving fees on its services which include Mobile Money Interoperability (MMI), GhIPSS Instant Pay (GIP) and ACH Direct Credit.
The company was hoping fees on products on other products including cheques and e-zwich would help sustain it through the pandemic period but it hasn’t panned out.
“The sustainability of this gesture was premised on the assumption that inflows from our Cheque and e-zwich business would cushion the company of the period of the waivers. Conversely there was a significant reduction in the use of these two services: gravely impacting our bottom line“, the company said in a statement.
Following a review of our financial position we have decided we are unable to sustain the fee waiver regime any further and will reinstate all transaction fees with effect from May 23, 2020,” Archie Hesse, CEO of GhIPSS said.