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March 1, 2018 | Business & Finance

GhIPSS Advocates Cashless Transactions To Curb Robbery

Modern Ghana
GhIPSS Advocates Cashless Transactions To Curb Robbery

It is becoming convincingly clear that carrying cash and transacting businesses with cash is often a contributing factor to the cause of robberies.

It is against this background that the Ghana Interbank Payment and Settlement Systems (GhIPSS), is pushing for an improved cashless system in Ghana to facilitate easy payments and reduce the risk of likely attacks by robbers.

GhIPSS is therefore urging the public to resort to more electronic forms of payment in order to reduce their exposure to armed robbery and related risks.

The advice follows reports of two separate armed robbery attacks in two successive days and other instances, in which huge sums of cash were believed to have been stolen.

According to a report by Accra-based CITI FM, the CEO of GhIPSS, Archie Hesse, has expressed his displeasure about the incidence and extended his sympathies to the victims of the robberies.

He however added that it was time, robbery was made less attractive by reducing cash transactions.

He explained that several electronic payment channels exist in Ghana that can enable both organisations and individuals to make payments without using cash.

“Today, your money at the bank is as good as cash on you” he stressed.

Mr. Hesse advised organisations to use payment options such as cheques, Automated Clearing House (ACH) Direct Debit or Direct Credit, internet and mobile banking to receive or make payments.

In his view, in situations where the organisation wants the money instantly transferred, they can set up and use the e-bills pay or mobile money for smaller values.

He also advised individuals to use the various electronic payments options such as electronic cards, mobile money, the Instant Pay service, or ACH in order to reduce the amount of cash they have to carry or keep in their homes.

The GhIPSS CEO noted that cheques can be cleared the same day, through the express service and was therefore another important non-cash form of payment for both organisations and individuals.

“There are variety of electronic payments channels working efficiently in Ghana that organisations and individuals can access through the financial institutions,” he emphasised.

Meanwhile Mr. Hesse has stressed that GhIPSS will continue to ensure the efficient running of the platforms supporting these electronic payments options and urged the banks to ensure that these services are offered seamlessly to boost public confidence in them.

“Technology is an enabler, it is there to solve problems, so let use it to address our exposure to robberies” he stated.

Mr. Hesse hinted that GhIPSS, together with financial institutions, will heighten the cash-lite campaign and invited the media to support the agenda by creating platforms to educate the public on the benefits of electronic payments and dangers and cost associated with carry cash.

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