With barely four months in operation, G-Money, Ghana’s first bank-led mobile money service, has overtaken all its competitors to become the mobile money service with the best rates in the industry.Following a comparative analysis of the rates between G-Money and the three other mobile money service providers in Ghana, G-Money currently stands tall with the best Peer to Peer (P2P), Cash Out and Mobile Money Interoperability (MMI) rates on the market.
GCB Bank has the goal of becoming the leading financial services provider in Ghana and beyond through a commitment to superior service and best practice. The Bank is committed to maintaining its position as the leading bank in Ghana and plans to continue competing with the telecom players in the mobile money space with its unbeatable rates.
The comparative analysis of the daily transaction tariffs are as follows:
Peer to Peer (P2P)
G-Money has the lowest P2P rate of 50pesewas which is a flat fee for all transactions below 999.99 cedis. G-money also charges a flat fee of 1 cedi for transactions worth 1,000 cedis and above while other competitors charge as much as 10 cedis per transaction.
Mobile Money Interoperability (MMI)
Interoperability is the system which allows customers to send money through G-Money to other networks and vice versa. G-Money has the best MMI rates across all its pricing categories which makes it affordable to the consumer. While other mobile money service providers charge as much as 15 cedis for transactions worth 1000.01 cedis and above, G-money charges a flat fee of 10 cedis. For transactions below 1000 cedis, G-Money charges as low as 1% for the transaction
Speaking on G-Money’s unbeatable rates, The MD, Mr. Ray Sowah stated the reason behind the Bank’s rates;
“The rationale behind our unbeatable rates is to encourage our customers and all Ghanaians to go cashless with G-money and limit their exposure to bank notes to promote both digital financial inclusion and avoid physical contact in this COVID-19 season”- he stated.
In January, GCB Bank launched G-Money, a mobile money service which allows individuals and businesses to store and make transactions on their phones and other personal digital assistant devices (PDA). This service is part of GCB Bank’s commitment to drive financial inclusion as part of its strategic objectives.
The introduction of G-Money is part of GCB Bank’s commitment to increase the number of digital services available to its loyal customers. The service is also expected to further propel Ghana’s interoperability system initiated by the Government.