Fintech - Ghana introduces universal QR code as first African country

In a step towards a cashless society, GhIPSS, a subsidiary of the Bank of Ghana, has launched a universal QR code payment solution with HPS, a global payments solutions provider.

Ghana is the first country in Africa to introduce a universal QR code.

Vice President, Dr. Mahamudu Bawumia, launched the system explaining “that the system was targeted at all merchants including those in the informal sector. With mobile phone penetration at 137%, and some 15 million mobile money wallets reaching about 90% of the country’s adult population, Ghana is on the threshold of leapfrogging many other countries in financial inclusion as a result of the initiative”.

The universal QR Code payment solution of Ghana allows custumors to make payments to merchants from different funding sources such as mobile wallets, cards or bank accounts by scanning a prompt response code on their smartphone or by using USSD code provided by the seller’s end for payment for a non-smartphone user.

Via a static or dynamic QR code merchants will receive payments instantly into their chosen accounts.

This way of payment will offer certain, facile and affordable financial services that can be obtained by a majority of the country’s citizens.

As the use of mobile payments is rapidly growing in Ghana, this initiative will be of advantage for the financial inclusion of the country and it’s international status globally.

For more information on the above or about our services on Ghana, contact us on info@a-law.eu or fill in our online contact form.

Sources:

https://www.finextra.com/pressarticle/82501/ghana-interbank-payments-network-releases-universal-qr-code

https://www.fintechfutures.com/2020/05/ghana-becomes-first-african-country-to-introduce-universal-qr-code/