GCB bank introduces G-Money Mobile Wallet to tap into the fast growing mobile money market

GHANAGhana’s largest bank, GCB Bank 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.

GCB noted that the wallet is the first of its kind for a bank in Ghana and has features that enable subscribers to send and receive monies, pay utility bills and make savings.

GCB Bank said that interested customers could access the service through Unstructured Supplementary Service Data (USSD), and the bank’s internet banking platform.

The bank further noted that customers 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.

GCB Bank’s  Managing Director, Mr Anselm Ray Sowah said said the G-Money service will be operated and managed by well trained staff  who will be using modern information technology platforms to ensure customers get to reap maximum benefits from the service.

“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,” Sowah said.

Sowah said that he believed the service would extend banking support beyond the physical bank branch and by doing so fuel the national agenda of promoting financial inclusion.

Mr Sowah also noted that 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.

He further revealed that GCB was 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.

The Ghana mobile money industry has been growing exponentially during the past few years and  reached a transaction value of US$ 36.1 Billion in 2018.

Analysts project that mobile money in Ghana which has for a long time been dominated by telecos is expected to reach a transaction value of US$ 204.3 Billion by 2024, growing at a CAGR of 32.5% during 2019-2024.

The attractiveness of the sector has caught the attention of GCB which has all intent of increasing competition for mobile telecommunication companies which has heretofore been the dominant players in the sector.

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