The world has advanced, with technology waving a magic wand over a myriad of activities including that of the financial space. This has compelled relevant stakeholders to design bespoke products and services aimed at providing convenience to customers without compromising security.
The incorporation of the Mobile Money Service into the financial space has been one of the many ground-breaking initiatives which have improved access to many financial services. With just a click on the button, many individuals and institutions can enjoy the luxury of a seamless, fast, and convenient transaction.
In Ghana, mobile money services were largely provided by telecommunication companies until the introduction of GCB Bank’s G-Money in 2020. G-Money, which is a telco-agnostic mobile money service allows individuals and businesses to store money and make transactions on their phones and other personal digital assistant devices (PDA). In addition, the platform facilitates the transfer of funds directly from a bank account to the G-money mobile wallet, and can also be used to pay for utility bills and airtime.
With time G-Money has made its mark in the financial ecosystem with the introduction of innovative services on the platform, such as the G-Money Payment Service with a proven track record for handling bulk payments, thereby giving competitors a run for their money.
This initiative, aside from sparing many individuals and institutions the headache of bulk payments, has been a key driver in the nation’s financial inclusion agenda.
In 2020, G-Money partnered Eliho – a licensed cocoa-buying company – to facilitate the transfer and receipt of funds in the cocoa farming and purchasing ecosystem using the G-Money platform. Aside from the provision of smooth financial operation support for Eliho and other supply chain networks and partners, this partnership affirmed the brand’s commitment to financial inclusion for the partially banked and unbanked.
Similarly, the platform reaffirmed its position as an industry leader with the successful payment of the 2021 Population & Housing Census Enumerators who were performing their duties all over Ghana.
“G-Money, since inception, has always invested in innovation with the sole aim of bringing convenience to the doorstep of subscribers. It is on the back of this that the Bulk Payment function under the G-Money Payment services was instituted,” said Carl Ashie – Head of Mobile Financial Services.
“With the aim to making it beneficial to all, we have made requirements for users and beneficiaries of this service very simple. Anyone with a phone can receive payment irrespective of their location nationwide; Bulk Payment transactions on G-Money can be initiated on behalf of individuals and organisations, and payments made by corporates can be centralised or de-centralised.”
Managing Director of Eliho Ghana Limited, Nicholas Kumah, lauded the Bulk Payment function under the G-Money Payment Service. According to him, the service has reduced the risk of loss of funds drastically, while eliminating the risk of theft resulting from carrying physical cash along the value chain. Further, he described the Bulk Payment service as ‘a great relief’.
