Telecom

Ghana: Banking association introduces a joint common mobile money solution

Tuesday, 21 June 2022 18:54
Ghana: Banking association introduces a joint common mobile money solution

(Ecofin Agency) - Since digital transformation is advancing in Africa, Ghanaian financial service providers want to leverage it to boost financial inclusion in an environment where most of the population is still unbanked.  

Last week, Ghana’s banking association GhIPSS launched GhanaPay, a mobile money service designed to accelerate financial inclusion in the country. According to the GhIPSS website, the mobile money service is provided by local “universal banks, rural banks, and savings and loans companies to individuals and businesses.”

It is open to anyone with access to a cell phone, with or without a traditional bank account. It works like the existing mobile money service, but also offers additional banking services, we learn.  According to Ghana's Vice President, Mahamudu Bawumia, this groundbreaking initiative will help achieve the government’s ambition to boost financial inclusion, for the unbanked population notably, with technologies. 

The launch of the service comes against a backdrop of accelerated digital transformation and "increased consumer preferences for convenient and frictionless payment options." According to Ernest Addison, Governor of the Bank of Ghana, the volume of instant payment transactions has grown from 420,000 cedis (about US$52,800) in 2016 to 31.4 billion cedis in 2021. In addition, the ratio of currency in circulation as a proportion of GDP dropped from 6.8 percent in 2016 to 4.7 percent in 2021, while the cheque usage per capita fell from 25.67 in 2016 to 18.9 in 2021.

"By establishing this common GhanaPay mobile wallet, the cost of testing any new technology for each bank is reduced and allows new ways of doing business. Indeed, this is an exciting development for Ghana’s payment systems landscape and demonstrates how collaboration with the banking sector can proffer solutions for the transformation and deepening of the payments ecosystem,” Addison explains. 

Isaac K. Kassouwi





 
Finance


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.