Mr. Archie Hesse, the Chief Executive Officer (CEO) of Interbank Payment and Settlement Systems (GhIPSS), has urged the public to sign on to GhanaPay to experience the convenience and efficiency that comes with the mobile service.
According to the CEO of Interbank Payment and Settlement Systems, the service is designed to give the user maximum utility. Mr. Hesse noted that GhanaPay has augmented services that are beneficial to the user, adding that those who have signed onto it have found it very useful.
“GhanaPay is similar to mobile money, but it has additional features, and it is a shared service offered by universal banks, rural banks, and savings and loans companies to individuals and businesses.”
Mr. Archie Hesse
The Chief Executive of GhIPSS explained that the addition of GhanaPay to existing electronic payment services is part of efforts to deepen the use of electronic payment channels and reduce cash transactions. He said GhIPSS and the financial institutions would continue to roll out some activities across the country to educate the public and promote the use of the service.
In the intervening time, users of GhanaPay can perform several transactions including cash-in and cash-out, as well as pay bills, pay GhQR merchants, and buy airtime and data. The service can also be used to request a statement, make a complaint, or send feedback.
Mr. Hesse said other enhanced services will be added to meet the changing needs of the banking public. He indicated that GhanaPay is remarkably different and urged financial institutions to find innovative ways to inform the public about the need to enjoy the GhanaPay experience.
GhanaPay Poised to Boost Mobile Money Penetration
The Ghana Association of Bankers (GAB) predicted that its mobile money product, GhanaPay is poised to boost mobile money penetration in Ghana from the current 58% to 85% by the close of next year.
The GAB, while explaining the rationale behind the GhanaPay said, “In line with the accelerated Execution of National Financial Inclusion and Development strategy– Banks are joining in on this national agenda to increase the adult population’s access to formal financial services from 58% to 85% by 2023.”
Banks are partners of all the mobile money platforms in the country, and they hold the actual cash value of electronic money on all digital wallets. So, there were concerns about conflict of interest regarding GhanaPay. However, GAB explained that the main objective of the GhanaPay product and service is to level the playing field for both the banked and unbanked segments of the population, adding that the current mobile money penetration is 58%, which is a clear indication that the market is not saturated.
GAB said it is not interested in disturbing the mobile customers of the existing players – MTN Mobile Money, AirtelTigo Money, Vodafone Cash, GMoney, Zeepay, and Yup, adding that the focus is to bridge the huge gap in the market, so, the strategy would be to rope in new customers altogether.
“Consumers are always exploring channels to conduct business and meet their lifestyle needs and GhanaPay intends to close the gap rather than to churn existing users,” it stated.
GAB is, therefore, leveraging the “impressive” mobile money interoperability (MMI) platform of the Ghana Interbank Payments and Settlement System (GhIPSS) to accelerate adoption and boost inclusion. “GhanaPay is all about inclusion. Banks are creating a win-win situation for all players by leveraging the impressive interoperability,” it said.
The other selling point for GhanaPay is that it offers completely free transfers of all amounts to all wallets across all networks. That free transfer policy boosted Vodafone Cash’s market position to number two, and GAB is confident it will drive the adoption of GhanaPay as well.
According to GAB, it will fall on all bank branches across the country as GhanaPay agents and also take applications from all interested individual mobile money agents to drive the adoption of GhanaPay.
“Banks have always played a critical role in building the mobile money ecosystem; banks have heavily invested in building an enabling mobile technology infrastructure embedded with state-of-the-art security, which all players are benefiting from; and would continue to do so by taking advantage of new services such as agency banking.”
GAB
Vice-President Bawumia launched the GhanaPay in the middle of June 2022, and it has since witnessed significant uptake by the public. GhIPSS, together with the partner financial institutions, has embarked on some activities to create awareness and drive patronage for the service.
