Ghana: Banking association introduces a joint common mobile money solution

Ghana’s banking association, Gh, has launched GhanaPay, a mobile money service to promote financial inclusion and digital transformation. It allows individuals and businesses to access the service through local banks, regardless of having a traditional bank account. This initiative streamlines technology testing for banks and enhances the payment system in Ghana through collaboration with the banking sector, as highlighted by the Bank of Ghana’s Governor, Ernest Addison.

Aiming at promoting digital transformation and upholding financial inclusion, Ghana’s banking association Ghana Interbank Payment and Settlement Systems (GhIPSS) launched a mobile money service, dubbed GhanaPay. The service, which is provided by local universal banks, rural banks, and savings and loans companies to individuals and businesses, is open to anyone with access to a cell phone, with or without a traditional bank account. ‘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,’ said Governor of the Bank of Ghana Ernest Addison.