As part of the digital transformation, GCB Bank has unveiled its first mobile money service in the country.
The mobile banking application christened: “G-Money” will allow customers to send and receive money, buy goods, pay for services, save and borrow money as well as move funds within the financial ecosystem.
The service is fully interoperable so registered G-Money customers can send and receive funds from any mobile money wallet or bank accounts at low charges on any mobile network.
The bank, with support from the Ghana Inter Bank Payment and Settlements Systems, successfully integrated into existing mobile money operators.
Launching the service, the Managing Director of GCB Bank, Mr Anselm Ray Sowah, intimated that the innovation was part of his outfit’s efforts to achieve a digital transformation designed to deliver convenience, reliability and superior customer experience through their extensive branch network.
According to him, the G-Money service would be operated by well trained and managerial staff through a modern information technology platform.
“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.
He went on to disclose that GCB Bank was building strategic partnerships with other banks and international money transfer organisations to provide endless possibilities to deliver value-added service with benefits to the public and the economy.
Mr Sowah added that they were also cooperating with private sector players to ensure the payment of utilities, salaries and subsidies of convenience.
Significantly, the MD of GCB Bank said the G-Money service was being offered to subscribers at no fee for the month of February 2020. He, therefore, called on Ghanaians to visit any GCB branch with a valid identification to register to access the service.
He indicated that they were looking forward to have over one million subscribers within a month to promote financial inclusion.
“We are looking at opportunities within the pension space, insurance space, custodial services, mortgage and financial investment banking,” he said.
The Vice President, Dr Mahamudu Bawumia, in a pre-recorded video, speaking as the Guest of Honour, said the mobile wallet space has been dominated by the telecommunication companies.
The interest showed by the GCB Bank, he said, would invite competition amongst financial institutions to serve customers better, especially with lower charges.
This, he said, was good for the Ghanaian economy.
He thanked the BoG, especially its management, for thinking ahead and putting in place a regulatory framework to allow issuance of a mobile wallet to enhance economic growth.
For his part, the Deputy Managing Director of Operations, GCB Bank, Mr Samuel Amankwah, 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.
Story: Business DESK