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 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 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 GH¢999.99. G-money also charges a flat fee of 1 cedi for transactions worth GH¢1,000 and above while other competitors charge as much as GH¢10 per transaction.
Mobile Money Interoperability (MMI)
Interoperability is the system that 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 GH¢15 for transactions worth GH¢1000.01 and above, G-money charges a flat fee of GH¢10. For transactions below GH¢1000, G-Money charges as low as 1% for the transaction
Speaking on G-Money’s unbeatable rates, MD Ray Sowah stated the reasoning 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, so as to both promote 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 that 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 driving financial inclusion as part of its strategic objectives.
The introduction of G-Money is part of GCB Bank’s commitment to increasing the number of digital services available to its loyal customers. The service is also expected to further propel Ghana’s interoperability system initiated by government.