GCB Bank Ghana Limited has unveiled a G-Money Mobile Wallet service, the first of its kind in the country, in Accra to enable customers and non-customers make personal transactions on mobile phones at low charges.
The service works on all mobile networks and enables subscribers to send and receive money, pay utility bills and make savings, as well as make payment for suppliers.
According to the bank, people can access the service through Unstructured Supplementary Service Data (USSD), and the bank’s internet banking platform. The bank added that plans were being put in place to enable customers to access the service through WhatsApp channels, mobile banking application, point of sale devices and Automated Teller Machines in the next few weeks.
Anselm Ray Sowah, GCB Bank Managing Director, said the innovation was part of the bank’ efforts to achieve a digital transformation agenda designed to deliver convenience, reliability and superior customer experience through an extensive branch network.
He said the G-Money service will be operated by well trained and managerial staff and modern information technology platforms.
“We are taking our customers on a digital journey which will afford them the freedom to save, borrow and transact at competitive rates via various channels,” he said.
He was upbeat that the service will extend banking support beyond the physical bank branch to fuel the national agenda of promoting financial inclusion.
Mr Sowah said the bank was building strategic partnerships with other banks and international money transfer organisations to provide endless possibilities and to deliver value added services with benefits to the banking public and the economy at large.
He added that the bank was also cooperating with private sector players to ensure the payment of utilities, salaries and subsidies at convenience.
The MD further noted that the G-Money service was being offered to subscribers at no fee for the month of February 2020, he therefore called on all customers to visit any GCB Bank branch with a valid national identification card to register in order to access the service.
Mr Sowah said had set a target of over a million subscribers within a month to promote financial inclusion.
“We are looking at opportunities within the pension space, insurance space, custodial services, mortgage financing and investment banking,” he added.
The Vice President Dr Mahamudu Bawumia, in a prerecorded video, speaking as the guest of honour, said the mobile wallet space had been dominated by the telecommunication companies.
He said the interest shown by the GCB Bank was therefore going to invite competition among financial institutions to serve customers better especially with lower charges, a step he said was good for the economy.
He thanked the Bank of Ghana, for thinking ahead and putting in place a regulatory framework to allow issuance of a mobile wallet to enhance economic growth.
Mr Samuel Amankwah, the Deputy Managing Director of Operations, GCB Bank, said the service was part of the bank’s commitment to drive financial inclusion by creating electronic value backed by equivalent cash to serve customers.
He gave an assurance that the service would offer industry, all customers, and non-customers, subscribers, agents, and merchants of existing mobile money services the stability and liquidity to grow their businesses.