GCB launches ‘G-Money’ to help move funds within financial ecosystem

GCB Bank has officially outdoored its electronic banking platform, G-Money designed to help customers and non-customers to transact banking services, send and receive money electronically through the internet via their phones.

Dubbed ‘Papa N`aba Twa Tum,’ the mobile banking solution links the traditional bank account to mobile money.

The Bank of Ghana, last year granted the GCB Bank the licence to develop the mobile wallet platform.

Speaking at the official launch  in Accra on Thursday, the Managing Director of GCB Bank, Mr Anselm Ray Sowah said the electronic banking platform was to provide ease and convenience to customers in accessing banking services.

“GCB Bank can no longer serve its customers the way it used to do in the past,” he said.

He said the G-Money was to promote financial inclusion and help people in underserved communities to access banking services.

He said the bank did not want its customers to no longer walk to the bank to access banking services, but do so at the comfort of their homes.

Mr Sowah said though GCB Bank, has 185 branches across the country, there was the need to introduce the electronic banking services to meet the changing dynamics of banking.

He said customers and non-customers would be able to buy airtime, pay fees and transfer money.

He said the objective was to enroll more than one million customers on the platform by the next three months, adding that more than 11, 000 had sign on to the platform.

The MD said in view of the low and poor internet penetration in the country, GCB Bank was focusing on Unstructured Supplementary Service Data (USSD) code to reach customers who did not have smartphone.

The USSD is a global system for mobile communication technology that is used to send text between a mobile phone and an application programme in the network.

Mr Sowah said customers and non-customers could dial *422# to set up  and access the mobile money service.

The Vice President, Dr Mahamudu Bawumia in his remarks delivered via video commended GCB Bank for developing the mobile money wallet.

“You are the first bank in Ghana to launch a mobile wallet. It is a big deal, the mobile money space has generally been dominated by the telcos and the banks are now coming  into this space which is very good for Ghana because it will allow competition into the space,” he said.

Dr Bawumia indicated that the issue of financial inclusion was  a major one for Ghana and the country was taking major steps towards that.

He said mobile money interoperability was going to build a major base for financial inclusion.

“Ghana is going to be one of the leading countries in West Africa so far as financial inclusion is concerned,” Dr Bawumia stressed.

By Kingsley Asare

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