The Ghana Interbank Payment and Settlement System (GIPSS) is set to introduce an Internet-enabled payment system that will link local financial service providers with their counterparts in Nigeria and Francophone West African countries. According to its Chief Executive Officer, Archie Hesse, the solution would allow traders to only carry with them the needed point of sale (POS) devices to withdraw cash and make necessary payments without carrying cash. The move is expected to help ease the challenges associated with inter-country trading between the countries involved. The product would be launched in the first quarter of 2013.
[Source: Financial Technology Africa]