Dr Ebenezer Ashley, Executive Head of Research, Media, Business Intelligence and Market Conduct, Ghana Association of Banks (GAB), has stated that in growing economies around the world, financial inclusion remains a strategic tool for reducing unbanked and underbanked segments of country’s population.
According to the Executive Head of Research, Media, Business Intelligence and Market Conduct, Ghana Association of Banks, the surge in the banked segment of a country’s population tended to increase the total number and value of customers’ deposits with banks.
While commenting on GhanaPay services, Customers’ alternative to traditional mobile money services, Dr Ashley said, the development increased investment funds and created opportunities for banks to increase lending to existing customers and prospects.
The executive head intimated that as part of measures to actively promote financial inclusion, universal banks, including rural and community banks, and savings and loans companies in Ghana have introduced GhanaPay Mobile Money to the financial services market.
Dr Ashley noted that GhanaPay Mobile Money is being powered by the Ghana Interbank Payment and Settlement Systems (GhIPSS) and has provided mobile money services just like any of the traditional mobile money wallets. “However, GhanaPay provides additional unlimited banking services designed for customers’ financial protection, comfort and freedom,” he added.
Registration for GhanaPay Mobile Money Wallet
Dr Ashley explained that individual’s registration for GhanaPay Mobile Money wallet could be initiated and completed with access to mobile phone, with or without bank account. He moreover noted that the bank account ownership is not a major prerequisite for sign-up, and that everyone could become a customer or own GhanaPay Mobile Money wallet.
The executive head asserted that the choice of a bank during sign up would enable a customer to identify the bank that would keep and safely protect deposits in wallet, and offer variety of banking and other financial services.
Dr Ashley indicated customer registration could be completed by downloading the App from Google Play or Apple Store to personally sign-up, contacting designated GhanaPay agent for sign-up or visiting bank branch and requesting to be signed up for GhanaPay Mobile Money Wallet. Dr Ashley added that, “in each of the three identified ways, valid Ghana Card will be required to successfully complete the registration process.”
Dr Ashley stated that all services accessed from traditional mobile money are readily available on GhanaPay Mobile Money wallet, and that individuals who sign up as customers were handed the opportunity to create direct relationship with their chosen banks as mobile money users. “Further, customers enjoy free transfers on GhanaPay Mobile Money, only e-levy charges apply,” he added.
Dr Ashley noted that customers could also increase their transaction limits by visiting any branch of the bank selected during the registration process. He disclosed that interest is calculated on the customer’s end-of-day balance and paid on quarterly basis.
“GhanaPay Mobile Money customers can walk into any branch of the universal banks, be it rural and community banks, and savings and loans companies throughout the country to make cash deposits and withdrawals from their wallets,” Dr Ashley said.
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