What’s in the news?
GCB Bank will officially launch ‘G-Money’ which has been taunted as an industry-first mobile wallet service, on January 30th, 2020, as part of GCB Bank’s dedication to enhancing financial inclusion in its strategic objectives. This is the result of the Bank’s receipt of the Bank of Ghana’s approval on 25 November 2019 for the production of electronic value backed by equivalent cash to serve customers. In addition to giving customers the freedom to carry out transactions regardless of their mobile network operator, G-Money will also create an enabling environment for the ongoing processes of digitisation in Ghana’s economy.
Clarifying the importance of the mobile wallet service to national development, ahead of the official launch, the Managing Director of GCB Bank, Ray Sowah stated that “Under Target 9 of the United Nations Sustainable Development Goals (SDG 9), which focuses on business, innovation and technology, the Bank aims to bridge the digital divide that is crucial to ensuring equitable access to information and financial services. Taking advantage of GCB’s rich banking experience gained over many years, we will offer financial services tailored to our diverse customers’ specific needs”, he stressed.
Is GCB Bank Being Innovative?
G-Money, the first of its kind to be run by any bank in Ghana, will allow individuals and businesses to make use of their mobile phones or Personal Digital Assistants (PDA) to store money in the form of electronic money or transaction value.
The service rating Unstructured Supplementary Service Data (USSD) would allow both bank and non-bank customers to send and receive money locally and internationally. Customers will also be able to save on their G-Money accounts and borrow money. For ease of transaction, the account can also be connected to any GCB Bank account. G-Money’s launch is part of GCB Bank’s drive to increase its loyal customers’ number of digital services. It is also expected that the service will further accelerate the government-initiated interoperability programme of Ghana.
G-Money also provides other programmes such as the payment of telecommunications network fees and payment of utility bills. The service is accessible by registering at any branch of GCB Bank or at selected GCB agent points. All existing mobile money services users, agents, and merchants may still register to use the G-Money service.
Source: Citi Business News