The Chief Executive Officer of Ghana Interbank Payment and Settlement Systems (GhIPSS), Clara Arthur, has committed to elevating Ghana’s instant payment system from its current progressed inclusivity stage to the matured level by 2026.
Arthur made this declaration Thursday during a panel discussion at the launch of the State of Inclusive Instant Payment Systems (SIIPS) Africa 2025 Report in Eswatini, where Nigeria was celebrated as the only African country whose payment system has achieved matured inclusivity status.
The SIIPS report, produced by AfricaNenda Foundation in partnership with the Central Bank of Eswatini, the World Bank, and the United Nations Economic Commission for Africa (UNECA), assesses payment systems across the continent. The matured inclusivity stage requires expanded use cases, affordability, and most critically, a reliable dispute resolution mechanism.
Nigeria’s InterBank Settlement Systems (NIBSS) finished 2024 at the progressed stage due to lacking a dispute resolution system. However, the establishment of an industry dispute resolution platform driven by the Central Bank of Nigeria helped the country achieve matured status. The announcement drew a standing ovation from bankers, investors, and participants at Thursday’s launch.
Ghana’s GhIPSS became the first African payment system to reach progressed inclusivity at the inaugural SIIPS report launch in 2022. The system has remained at this level because there is no clear path to speedy dispute resolution backed by regulatory directives and standards.
Arthur acknowledged her predecessors’ achievements in advancing Ghana to the progressed stage but emphasized that implementing the final components for absolute inclusivity is now essential. The GhIPSS Instant Pay (GIP) and Mobile Money Interoperability (MMI) systems already provide expanded use cases and affordability, enabling all to all payments with free transfers for users since partner operators pay the switch.
In an exclusive interview with Techfocus24, the GhIPSS CEO outlined her strategy to achieve matured inclusivity. “We need to migrate our instant payment rails from the current ISO 8583 model to the ISO 20022 because that is the future of real time payments,” Arthur explained.
ISO 20022 is an open global standard for financial information that provides consistent, rich, and structured data for every kind of financial business transaction. According to Arthur, this standard governs instant payments and allows open Application Programming Interfaces (APIs) to drive easy connectivity for all financial service providers.
She believes the standardization transition will drive innovation among fintechs and banks, putting Ghana on the path to matured inclusivity next year. “It is part of my strategy as CEO of GhIPSS to implement these measures immediately to create the opportunity for new use cases in Ghana,” Arthur stated.
Addressing dispute resolution measures, Arthur explained that the current process requires customers to first approach their service provider with complaints. If the provider fails to resolve matters within ten to fifteen days, customers can escalate issues to the regulator for resolution.
Arthur noted that GhIPSS will work with the Bank of Ghana to clarify the path for faster dispute resolution. She emphasized that service providers who miss deadlines will face consequences, as the ultimate goal is ensuring public trust in digital payment systems. Delays in dispute resolution could undermine this objective.
The SIIPS report grades instant payment systems using an inclusivity spectrum that includes unrated, basic, progressed, and mature levels. The 2025 edition assessed 36 payment systems across Africa, with ten systems unranked, fifteen at basic level, ten at progressed level, and only NIBSS reaching matured status.
Ghana’s payment infrastructure currently processes millions of transactions monthly through its interoperable ecosystem connecting 55 financial institutions. The system facilitates movement of funds across different payment platforms, including banks, mobile money operators, and fintech providers.
Arthur’s appointment as GhIPSS CEO became effective September 1, 2025, making her the first woman to lead a national payment infrastructure institution in Ghana. She brings over two decades of experience in financial services and technology, having previously worked with organizations including the Consultative Group to Assist the Poor (CGAP) and the United Nations Capital Development Fund (UNCDF).
Before becoming CEO, Arthur served as General Manager for Projects and Business Development at GhIPSS, where she led deployment of transformational initiatives including the GhIPSS Instant Pay system, the domestic gh link card scheme, and the mobile money interoperability project.
The commitment to achieve matured inclusivity by 2026 positions Ghana to strengthen its status as a leading payment and settlement system hub in Africa. Success will depend on implementing ISO 20022 standards, establishing clear dispute resolution frameworks, and maintaining collaboration between GhIPSS, the Bank of Ghana, financial service providers, and fintech innovators.
