Ghana Automated Clearing House - 1

Added: 15-01-2012 23:02:18

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The Ghana Automated Clearing House (GACH) is an electronic payment network that maybe used by individuals, businesses, financial institutions and government organizations to transfer funds to creditors through their banks (direct credits) or to collect funds from debtors through their banks (direct debits). GACH payments are fast and secure; they enhance cash management and have lower costs compared to traditional paper payments. Automated direct credit and direct debit payments have been non- existent in the Ghanaian banking system partly due to the tradition of cheque usage and the low level of automation.A manual paper credit transfer system was introduced in 2004 as a forerunner to an automated system. This system operated alongside the semi-automated cheque clearing system until September, 2009 when both systems were closed following the introduction of the Cheque Codeline Clearing system.

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