GCB Bank unveils first G-Money Mobile Wallet

Accra, Jan. 31, GNA – The GCB Bank Ghana Limited, has unveiled the first G-Money Mobile Wallet in Accra to enable customers and non-customers to make personal transactions on their mobile phones at low charges on any mobile network.

The wallet which is the first of its kind for a bank in Ghana, enables subscribers to send and receive monies, pay utility bills and make savings and helps traders to pay their suppliers.

People could access the service through Unstructured Supplementary Service Data (USSD), and the bank's internet banking platform, however, they would also be able to access it through WhatsApp channels, mobile banking application, point of sale devices and Automated Teller Machines in the next few weeks.

Mr Anselm Ray Sowah, GCB Bank Managing Director said the innovation was part of the bank' efforts to achieve a digital transformation agenda designed to deliver convenience, reliability and superior customer experience through their extensive branch network.

He said the G-Money service will be operated by well trained and managerial staff through a modern information technology platforms.

“We are taking our customers on a digital journey which will uphold them the freedom to save, borrow and transact at competitive rates via various channels,” he said.

He believed the service would extend banking support beyond the physical bank branch to fuel the national agenda of promoting financial inclusion.

Mr Sowah said the bank was building strategic partnerships with other banks and international money transfer organisations to provide endless possibilities to deliver value added services with benefits to the public and economy.

They are also cooperating with private sector players to ensure the payment of utilities, salaries and subsidies at convenience.

The MD noted that the G-Money service was being offered to subscribers at no fee for the month of February 2020 and called on everyone to visit any GCB Bank branch with a valid national Identification to register to access the service.

Mr Sowah said they were looking forward to have over a million subscribers within a month to promote financial inclusion.

“We are looking at opportunities within the pension space, insurance space, custodial services, mortgage financing and investment banking,” he added.

The Vice President Dr Mahamudu Bawumia, in a prerecorded video, speaking as the Guest of Honour, said the mobile wallet space had been dominated by the telecommunication companies.

The interest shown by the GCB Bank was therefore going to invite competition among financial institutions to serve customers better especially with lower charges, a step he said was good for the economy.

He thanked the Bank of Ghana, especially the management for thinking ahead and putting in place a regulatory framework to allow issuance of a mobile wallet to enhance economic growth.

Mr Samuel Amankwah, the Deputy Managing Director of Operations, GCB Bank, said the service was part of the bank’s commitment to drive financial inclusion by creating electronic value backed by equivalent cash to serve customers.

He gave an assurance that the service would offer industry, all customers, and non-customers, subscribers, agents, and merchants of existing mobile money services the stability and liquidity to grow their businesses.

GNA