GCB introduces G-Money Mobile Wallet Service, Here is all we know

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GCB Bank has launched a digital wallet service as part of the bank’s digital transformation agenda.

The launch of the service drew massive attention on social media and was attended by the Board, Management, Staff, the media and high-ranking executives from the telecommunications and digital payments industry.

The industry-first product called G-Money is fully interoperable to facilitate the sending and receiving of funds from any mobile money wallet or bank accounts by registered users. It is also accessible across multiple channels such as USSD, the Bank’s mobile banking applications, ATMs, point of sale devices and potentially WhatsApp.

The Vice President of the Republic of Ghana, Dr. Mahamadu Bawumia addressed the event through a pre-recorded video to the amazement of the audience.

Dr. Mahamudu Bawumia expressed optimism about the service and congratulated GCB for leading the innovation saying, “it’s a big deal.”

He commended GCB for making a bold leap into the mobile wallet space; an area he described as “generally dominated by the telcos”.

“It is very good for Ghana”, he continued, “it will allow for competition and hopefully, the customers will benefit from lower prices”.

Dr. Bawumia thanked the management of the Bank of Ghana for their visionary leadership and commended GCB’s efforts saying the bank has always been a trailblazer in Ghana. He ended his speech by expressing confidence in G-Money’s capacity to contribute towards building a major base for financial inclusion and charged GCB to keep the innovation going.

Speaking at the launch, Managing Director of GCB Bank, Mr. Anselm Ray Sowah, expressed the hope that G-Money would give the GCB brand an unrivalled recognition among competitors.

He announced that the service would be free for the month of February and revealed GCB’s plans to extend its services beyond the shores of Ghana to other parts of West Africa, Europe, Asia and America.

He added that GCB, with its well-resourced and experienced workforce, is looking for opportunities within the pensions, insurance, custodian and mortgage service spaces. He explained that the introduction of G-Money comes as a response to the fast-changing trend in banking where digital payment has become crucial in reaching the previously unbanked population.

“G-Money will build a bridge across the financial chasm. This will extend banking services beyond the physical bank branch and offer round the clock service to power the national agenda of financial inclusion” he stated.

In his address, Mr. Samuel Amankwah, Deputy Managing Director of Operations of the Bank, said the Bank would live up to its high standards and provide the industry, all customers and non-customers, subscribers, agents and merchants of existing mobile money services the needed stability and liquidity.

The Board Chairman of GCB, Mr Jude Arthur, together with other Board members and top management of the Bank unveiled the logo of G-Money.

With barely four months in operation, G-Money, Ghana’s first bank-led mobile money service, has overtaken all its competitors to become the mobile money service with the best rates in the industry.

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), Cash Out and Mobile Money Interoperability (MMI) rates on the market.

GCB Bank has the goal of becoming the leading financial services provider in Ghana and beyond through a commitment to superior service and best practice. The Bank is committed to maintaining its position as the leading bank in Ghana and plans to continue competing with the telecom players in the mobile money space with its unbeatable rates.

Here is a Comparative analysis of the daily transaction tariffs for G-Money:

Peer to Peer (P2P)

G-Money has the lowest P2P rate of 50pesewas which is a flat fee for all transactions below 999.99 cedis. G-money also charges a flat fee of 1 cedi for transactions worth 1,000 cedis and above while other competitors charge as much as 10 cedis per transaction.

Mobile Money Interoperability (MMI)

Interoperability is the system which allows customers to send money through G-Money to other networks and vice versa. G-Money has the best MMI rates across all its pricing categories which makes it affordable to the consumer. While other mobile money service providers charge as much as 15 cedis for transactions worth 1000.01 cedis and above, G-money charges a flat fee of 10 cedis. For transactions below 1000 cedis, G-Money charges as low as 1% for the transaction

Speaking on G-Money’s unbeatable rates, The MD, Mr. Ray Sowah stated the reason behind the Bank’s rates;

“The rationale behind our unbeatable rates is to encourage our customers and all Ghanaians to go cashless with G-money and limit their exposure to bank notes to promote both digital financial inclusion and avoid physical contact in this COVID-19 season”– he stated.

In January, GCB Bank launched G-Money, a mobile money service which allows individuals and businesses to store 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.

The introduction of G-Money is part of GCB Bank’s commitment 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.

Key Notes

  1. G-Money allows customers to send money to other networks and vice versa
  2. When Banks are closed, G-Money remains open forever
  3. G-Money has secured and server with maximum security
  4. You can pay Utility Bills with G-Money
  5. Pay groceries or Pay for services with G-Money everywhere
  6. Both customers of GCB and Non-customers can sign up for G-Money. Provided you have a Registered and active SIM card
  7. Shortcode to access G-Money is *422#
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