- Ghanaian bankers' dream to introduce an electronic platform for interbanking services would soon be realized, as the country’s Central Bank is collaborating with the Ghana Association of Bankers to establish the system before the year ends.
Dubbed Ghana Interbank Payment and Settlement System (GIPSS), the system would enable banks to transact business among themselves with the help of an automated system.
GIPSS will eradicate the disturbing trend representatives of the country’s commercial banks have been enduring. They meet every morning to clear cheques and settle transactions manually.
Besides, banks are given three days to clear cheques but this too become too heavy on them.
Bankers described the system as time consuming, costly and labour intensive.
Central Bank has assured the independence of GIPSS whose main task has to do with managing the diverse components of the country’s payment and settlement system infrastructure. The body should clear cheques, truncate cold line cheques as well as serves as an automated clearing house.
afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
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afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.