Accra, Jan. 24, GNA
- As part of GCB Bank’s commitment to drive financial inclusion in its
strategic objectives, the Bank will officially launch “G-Money”, an industry
first mobile wallet service on January 30, 2020.
This comes after the Bank’s receipt of approval from the Bank of Ghana (BOG) on November 25, 2019 to create electronic value backed by equivalent cash to serve customers.
According to a statement from GCB Bank to the Ghana News Agency, G-Money will also create an enabling environment for the ongoing digitization processes in Ghana’s economy apart from affording customers the freedom to perform transactions regardless of their mobile network operator.
According to the statement, Mr. Ray Sowah, Managing Director of GCB Bank, described the mobile wallet service as relevant to the nation’s development.
“Under goal 9 of the United Nations Sustainable Development Goals (SDG 9) which focuses on industry, innovation and infrastructure, the Bank seeks to bridge the digital divide, which is crucial to ensure equal access to information and financial services.
“Leveraging GCB’s rich experience in banking acquired over many years, we will offer financial services tailored to suite the specific needs of our diverse customers,” Mr Sowah said.
The statement said G-Money, is the first of its kind to be operated by any bank in Ghana, and would allow individuals and businesses to use their mobile phones or Personal Digital Assistants (PDA) to store money electronically or value for transactions.
The Unstructured Supplementary Service Data (USSD)-ran service would allow both bank and non-bank customers to send and receive money locally and internationally.
The statement said customers would also be able to save and borrow money using their G-Money accounts, which could also be linked to any GCB Bank account for ease of transactions.
The statement explained that the introduction of G-Money was 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.
Other services that G-Money offers are the payment of telecommunication network services and utility bills.
G-Money could be accessed by registering at any GCB Bank branch or selected GCB agent points and all subscribers, agents and merchants of existing mobile money services could also register to use the service.