Agreement reached between India and Ghana, now both countries will be able to transfer UPI

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The integration of both payment systems will help facilitate instant, low-cost money transfers. It is noteworthy that both the countries have also discussed the possibilities of MoU on digital transformation, local currency settlement system and opportunities arising from African Continental Free Trade Agreement (AfCFTA).

An important agreement has been signed between India and Ghana regarding payment systems. Both the countries will now be able to strengthen economic transactions between themselves. India and Ghana have decided to interconnect payment systems. Under this, Unified Payments Interface (UPI) and Ghana Interbank Payment and Settlement Systems (GHIPSS) will now be connected. Both the countries are working rapidly in this direction.

The integration of both payment systems will help facilitate instant, low-cost money transfers. It is noteworthy that both the countries have also discussed the possibilities of MoU on digital transformation, local currency settlement system and opportunities arising from African Continental Free Trade Agreement (AfCFTA).

The Commerce Department said on social media platform X, they have agreed to expeditiously work towards operationalization of NPCI (National Payments Corporation of India) UPI on Ghana’s GHIPS within six months. India’s UPI has already reached countries like Singapore and UAE. For this, talks are also going on with Nigeria.

Let us tell you that NPCI International has recently signed an agreement with the Bank of Namibia with the aim of providing assistance in setting up a payment system like UPI in the African nation. Bilateral trade between India and Ghana has increased from $2.6 billion in 2021-22 to $2.87 billion in 2022-23.

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