Business News Thu, 16 Jun 2022

Bawumia launches new Mobile Money service, Ghana Pay

Vice President Dr. Mahamudu Bawumia has launched a new payment platform known as GhanaPay.

It is a Mobile Money Service provided by Universal banks, Rural banks and Savings and Loans companies to individuals and businesses to solidify Ghana’s National Financial Inclusion Agenda.

Speaking at the event, Dr. Bawumia, said GhanaPay will bring healthy competition in the banking industry and ultimately insure to the benefit of customers.

He said the government will continue to create innovative products which will improve service delivery in Ghana .

GhanaPay is a mobile money service platform provided by universal banks, rural banks and savings and loans companies to individuals and businesses.

Operating like a Mobile Money Service, GhanaPay has additional banking services designed for financial freedom.

Anyone with access to a mobile phone can register for GhanaPay wallet with or without a bank account.

Users of GhanaPay have access to unlimited banking services in addition to existing mobile money services.

It forms part of the government’s National Financial Inclusion Agenda to reduce economic vulnerability and enhance joint collaboration of banks and the Ghana Interbank Payment and Settlement Systems Limited, GhIPSS.

Chief Executive Officer of GhIPSS Archie Hesse said GhanaPay is a carefully designed platform to reach the informal sector.

He was hopeful it would complement other existing initiatives to widen Ghana’s financial inclusion drive.

Governor of the Central Bank, Dr. Ernest Addison, said "merchants of GhanaPay do not have to rely on any existing relations with banks to sign onto the platform adding it will improve efficiency and competitiveness in the sector”.

Launching the platform Vice President Dr. Mahamudu Bawumia said Ghana is playing a pioneering role in the payment system industry. This he said is promoting financial inclusion and reducing Ghana’s unbanked population.

President of the National Association of Banks Mansa Nettey, noted that collaboration is key to ”advancing the mandate of banks in the digital financial services industry”.

She encouraged industry players to invest in it for shared benefits.

View his Timepath below:

Source: gbcghanaonline.com
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