Ghana and Nigeria have made steady progress with the integration of payment systems as part of the implementation of an integrated payment system for West African states. Ghanaweb quoted Mr. Archie Hesse, Chief Executive Officer of Ghana Interbank Payment and Settlement Systems GhIPSS), as revealing that the technical level of integration had been completed, and currently what remains is to synchronise the settlement of currency exchanges during transactions. “We are transacting in cedis, Nigeria transacts in naira. What do we do? Are we going to have a daily exchange rate between the two countries’ currencies? This is a key factor [currency settlement] to be looked at,” he said.
The final integration of West African states’ payment systems will be implemented by the end of 2022. GhIPSS is expected to introduce a scheme to link the National Switching and Processing System—gh-Link- TM—with other West African countries…
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