The initiative is aimed at reducing the challenges associated with inter-country trading between the countries involved. Once introduced, traders will not have to carry with them cash and, or converting it for the purposes of trading in Francophone countries. The will only have to carry with them the needed point of sale (POS) devices to withdraw cash and make the necessary payments.
GHIPSS has also launched the GH-Link, a national interbank switching and processing system that interconnects the switches of some financial service providers to third party institutions.
The GH-Link provides banks and other financial institutions a common platform which enables them to perform a number of interbank transactions. Currently, 14 banks are on the platform and their ATMs are retrofitted to work on the platform, making it possible for their individual customers to withdraw cash from each other’s ATMs.
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