Ghana introduces express cheque clearing system

Businesses and individuals will now be able to pay in cheque and have the account credited on same day, following the successful implementation of an Express Cheque clearing system.

The system introduced by Ghana Interbank Payment and Settlement System (GhIPSS), provides a quicker option for people to get value for their cheques.

Banks now clear cheques electronically and this has helped to bring the clearing cycle to a maximum of three days compared to a week or more previously.

However, to even make the clearing faster, a special window has been created whereby the public can request from the banks to clear the cheque by express.

Speaking in an interview with the GNA in Accra, the Chief Executive of GhIPSS, Mr Archie Hesse, explained that cheques to be cleared by Express are to be paid in before 11 o’clock in the morning and the account of the payee will be credited from 2 o’clock in the afternoon.

Mr. Hesse encouraged the public to request for Express Clearing of their cheques, if they urgently need the money.

He urged the banks to consider the Express Service as a business development tool that could be tailored for various services for their customers, which invariably boost their profit.

GhIPSS was set up by the Bank of Ghana in 2007 to improve on the country’s payment systems.

It has since introduced various services, including e-zwich to attract the huge unbanked population.

Source: GNA