G-Money gives telcos a run for their money

by Business Zone

According to the World Bank, Ghana is the fastest-growing mobile-money market in Africa with close to 12 million customers at the end of 2019. Currently, the mobile money subsidiary of MTN is the dominant player with about 90% of mobile money transactions, followed by the subsidiaries of AirtelTigo and Vodafone.

Having being in the industry for 10 years, MTN has succeeded in building a good network of agents who facilitate the transfers and transactions of customers with ease nationwide. However, there have been many concerns surrounding the safety of the service recently as a resulted of purported mobile money fraud and other cyber-crimes. These security challenges birthed a new dawn for banks who would dare, to venture into the mobile money space to offer better security and safety.

In January 2020, GCB Bank launched G-Money, a USSD-run mobile money service which allows individuals and businesses to store money and make transactions on their phones and other personal digital assistant devices (PDA). This service is part of GCB Bank’s commitment to drive financial inclusion as part of its strategic objectives.

G-Money facilitates the transfer of funds directly from a bank account to the G-money mobile wallet. The wallet can also be used to make payment for other services such as utility bills and airtime. 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.

Being the first bank-led mobile money service, G-Money offers the same level of security as a regular GCB Bank account. With G-Money, customers have total control of their transactions since they originate all transactions themselves. The service also gives existing bank customers the opportunity to own a G-Money mobile wallet by self-onboarding onto the service.

Following a comparative analysis of the rates between G-Money and the three other mobile money service providers in Ghana, G-Money currently stands tall with the best Peer to Peer (P2P) and Mobile Money Interoperability (MMI) charges and rates on the market.

GCB Bank has the goal of becoming the leading mobile financial services provider in Ghana and beyond through a commitment to superior service and best practice.

G-Money is the only mobile money solution that charges 0.50 pesewas for P2P transactions between a GHc100 and GHc1000 and GHc1 for transactions above a GHc1000.

Mr Ray Sowah, MD, GCB Bank

Source: BusinessZone Online

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