GCB Bank’s G-Money service is operational

by Business Zone

As part of GCB Bank’s commitment to driving financial inclusion in its strategic objectives, the Bank has officially unveiled ‘G-Money’, an industry first mobile wallet service to further push Ghana’s digital transformation agenda.

The launch according to GCB Bank, comes with free transactions for the month of February.

This comes after the Bank’s receipt of approval from the Bank of Ghana (BoG) to create electronic value backed by equivalent cash to serve customers.

Apart from affording customers the freedom to perform transactions regardless of their mobile network operator, G-Money will also create an enabling environment for the ongoing digitization process of Ghana’s economy.

Speaking at the launch, Mr. Ray Sowah, MD of GCB Bank explained the relevance of the mobile wallet service to the nation’s development and said; “the innovation is designed to deliver convenience, reliability and superior customer experience to all clients and Ghanaians through the Bank’s extensive branch network across the country.”

“We are taking our customers on a digital journey that’ll afford them the freedom to save, borrow and transact at competitive rates via various channels. For the unbanked, the G-Money wallet is an opportunity to open and operate a GCB Bank account” Mr Sowah emphasized.

Customers are also expected to access the service through WhatsApp channel, mobile banking applications, Point of Sale device, Quick Respond Code (QR code), and ATMs.

G-Money will power the national agenda of financial inclusion as the innovation is built to collaborate with government to digitize payments, enhance operational efficiency and minimize leakages in the system.

The service which is the first of its kind to be operated by any bank in Ghana, will allow individuals and businesses to use their mobile phones or Personal Digital Assistants (PDA) to store money in the form of electronic money or value for transactions. 

The Unstructured Supplementary Service Data (USSD)-ran service will allow both bank and non-bank customers to send and receive money both locally and internationally. The account can also be linked to any GCB Bank account for ease of transactions.

The introduction of G-Money is part of GCB Bank’s mandate to increase the number of digital services available to its loyal customers. The service is also expected to further propel Ghana’s interoperability system initiated by the Government.

Other services that G-Money offers include the payment of telecommunication network services and the payment of utility bills. The service can be accessed by registering at any GCB Bank branch or at selected GCB agent points.

Mr Sowah explained that all subscribers, agents and merchants of existing mobile money services can still register to use the G-Money service.

Vice President Dr. Mahamadu Bawumia in a message at the launch, congratulated the GCB Bank for leading this innovation and applauded management of the Bank for thinking ahead.

He said the innovation would further deepen Ghana’s position as the trailblazer and a leading country in financial inclusion particularly in the sub region.

Source: BusinessZone Online

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