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