Recent data from the Bank of Ghana highlights the growing trend of electronic transactions
GhanaPay Mobile Money has introduced a new feature that allows users to set up standing orders directly from their GhanaPay wallets, enabling automatic, repetitive payments. This service, called "Standing Instructions," is available to those registered with GhanaPay mobile money.
The GhanaPay Mobile Money Standing Instructions Service enables users to automatically transfer funds from their wallet on a daily, weekly, monthly, or yearly basis to another person, or to pay recurring bills or subscriptions. This innovation is expected to enhance financial inclusion among the underbanked and advance Ghana's progress towards a cash-lite economy.
GhanaPay, a mobile money service provided by universal banks, rural banks, and savings and loans companies, combines mobile money features with banking services. Users can access it via the USSD code *707# or through the GhanaPay App, available on both the Google Play Store and the App Store, bringing banking convenience to mobile devices.
In an interview, Mr. Samuel Darko, Head of the GhanaPay Mobile Money Unit at the Ghana Interbank Payment and Settlement System (GhIPSS), explained that GhanaPay users can modify or cancel their standing orders at any time. "By accessing the standing instructions screen on their GhanaPay Mobile Money wallet, users can make the desired changes by following the prompts," he said.
The introduction of the standing instruction feature, similar to traditional standing orders, leverages the banking expertise behind GhanaPay. "GhanaPay is a combination of mobile money and banking. We will continue to add new services to make GhanaPay your complete bank on your phone," Mr. Darko added.
Recent data from the Bank of Ghana highlights the growing trend of electronic transactions. Between January and April this year, nearly a trillion cedis (GH₵933.8 billion) worth of transactions, excluding cheques, were conducted electronically through various services like mobile money, direct credit, direct debit, gh-link, GhIPSS Instant Pay, e-zwich, and internet banking. These transactions, which would have been cash-based without electronic channels, underscore the shift towards digital payments.
With the introduction of new services like standing instructions, market analysts anticipate further growth in electronic payment transactions, bringing Ghana closer to becoming an electronic payment society.
