Bawumia launches bank-wide mobile money service, GhanaPay

-

 

Bawumia launches GhanaPay bank-wide mobile money service to all Ghanaians.

On Wednesday, June 15, 2022, Vice President Dr. Mahamudu Bawumia launched the GhanaPay Mobile Money Service in Accra.

What is GhanaPay? 

GhanaPay is a mobile money service made available to people and businesses via universal banks, rural banks, and savings and loan associations. Similar to other mobile money systems, but with additional banking services geared toward financial independence.

GhanaPay

Bawumia launches bank-wide mobile money service: About GhanaPay

GhanaPay can be identified as the first bank-wide mobile money service offered to individuals and businesses by universal banks, rural banks, and savings and loan institutions.

This service is available to anyone having access to a mobile phone (even a yam phone) regardless of whether they have a traditional bank account or not.

Challenges Overcomed

According to Vice President Bawumia, over 70% of the adult population lacked a bank account for a long time.

The vast population without bank accounts was one of the greatest obstacles faced as a country. However, thanks to reforms in the payment channels, the unbanked population have been greatly reduced.

He added that GhanaPay eliminates the obstacles involved with opening formal bank accounts, therefore banks should be able to use the GhanaPay platform to drastically reduce the unbanked population.

One of the ways to accomplish this is through digital financing services, which leverage the increasing adoption and use of mobile wallets due to their convenience.

Bawumia launches bank-wide mobile money service GhanaPay
Bawumia launches bank-wide mobile money service, GhanaPay

GhanaPay Position and Access 

GhanaPay is positioned between mobile money supplied by telecoms and banking offered by banks.

READ  NSS Suspends Ashanti Regional Director for Abusing Nurse

It is available for download through the Google Play Store and the Apple App Store.

Once enrolled, GhanaPay, like previous mobile money systems, can be used to transmit and receive money between mobile networks and bank accounts. Additionally, it may be used to cash in and cash out, purchase airtime and data, and pay for goods and services at GhQR merchants.

Ghana has reached another digital payment milestone by becoming the first country in the world to adopt a bank-wide mobile money service with the launch of the GhanaPay mobile money service.

Check: 

WhatsApp Job & Scholarship Alert

To get daily Job and Scholarship Alerts on Whatsapp, Join Our WhatsApp Group via the link below.

NOTE: PLEASE IF YOU’RE ON ANY OF OUR WHATSAPP GROUPS, DON’T JOIN THIS ONE

CLICK HERE TO JOIN WHATSAPP GROUP

Take Note

UNDER NO CIRCUMSTANCE SHOULD AN APPLICANT PAY MONEY TO ANYONE IN GETTING A JOB WE HAVE PUBLISHED 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

FOLLOW US

0FansLike
3,599FollowersFollow
0SubscribersSubscribe

Related Stories