GCB Bank Limited, Ghana’s most welcoming Bank, has announced the introduction of ‘G-Money’, an industry first mobile wallet service. This comes after the bank’s receipt of approval from the Bank of Ghana (BOG) on 25 November to create electronic value backed by equivalent cash to serve customers.
G-Money, which is the first of its kind to be operated by any bank in Ghana, will allow individuals and businesses to use their mobile phones or Personal Digital Assistants (PDA) to store money in the form of electronic money or value for transactions.
Speaking at the press briefing, the managing director of GCB Bank, Anselm Ray Sowah, stated some of the benefits of the new service: “G-Money affords customers the freedom to perform transactions regardless of their mobile network operator. The service also allows customers to save and borrow money using their wallet,” he explained.
The Unstructured Supplementary Service Data (USSD)-ran service will allow both bank and non-bank customers to send and receive money both locally and internationally. Customers will also be able to save and borrow money using their G-Money accounts. The account can also be linked to any GCB Bank account to ease transactions.
The introduction of G-Money is part of GCB Bank’s mandate 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.
The MD also mentioned the introduction of an added service to revamp the internet banking platform. “Digital innovation is changing the way we interact with our customers. In recognition of that fact and in our quest to increase customer satisfaction, we have revamped our internet banking platform and introduced a mobile banking app,” he revealed.
Other services that the G-Money offers are the payment of telecommunication network services and the payment of utility bills. The service can be accessed by registering at any GCB Bank branch or at selected agent points.
All subscribers, agents and merchants of existing mobile money services can still register to use the G-Money service. The service will officially be launched in January, 2020.