Ghana’s leading bank-based mobile money wallet, GhanaPay has introduced new functionalities in further fulfilment of its brand promise of allow customers to “do more banking their own way”.
The five new features are strategically designed by GhIPSS (Ghana Interbank Payments and Settlements Systems) and the Ghana Association of Bankers to make ownership and usage of mobile money wallet exciting, affordable and friendly, and thereby attract more of the unbanked into the financial system to help bridge financial inclusion gap in the country.
The new features, which can be accessed on both the GhanaPay App (downloadable from both the Google PlayStore and the Apple Store) and USSD short code *707#, include:
- Standing Instructions: This is exclusively available to all registered GhanaPay mobile
money users. It allows individuals to effortlessly transfer funds on schedule to another individual or to settle recurring bills or subscriptions (e.g. insurance premium, monthly allowance, salaries etc.). The service is designed to allow GhanaPay customers to set up multiple instructions to transfer funds to other GhanaPay users, bank accounts, and mobile money wallets on other networks. It also enables users to setup standing orders directly from their GhanaPay wallets, facilitating automatic repetitive payments
seamlessly, with ease and absolutely for free. - Sponsored Wallet Service: This is another unique feature designed to enable GhanaPay users to allocate a specific amount of money from their GhanaPay wallet to a chosen beneficiary. This allows the beneficiary to spend the allocated funds directly without the need for transfer by the original wallet owner. Beneficiaries must have a GhanaPay wallet to be able to use this service. The sponsor determines the amount and spending duration, with options to set daily or monthly limits on expenditures. GhanaPay users can also remove beneficiaries from their sponsored list at any time. There are no transfer charges for using this service. Transaction details are accessible through SMS alerts and wallet statements, allowing sponsors to monitor spending.
- Crowdfunding: This feature enables users to establish or join groups with the objective of pooling resources for a wide range of campaigns or projects, including personal, business, or charitable endeavors within the GhanaPay platform. Alumni and church groups can leverage on this for their funding raising and dues collections. GhanaPay customers can set up groups and launch campaigns specifying project details, fundraising goals, approval policies, and timelines, then share campaign links for
contributions. There’s no limit to contributors per campaign.
To participate, users log into the GhanaPay App, navigate to “Other Services” and then
choose “Crowdfunding,” choose a group or campaign, and follow prompts to contribute.
Withdrawals require meeting group administrator approval policies. Members can opt
out of campaigns anytime by selecting the group in the app’s Crowdfunding section and
using the exit option. - GhanaPay Merchant Payments: The GhanaPay merchant solution allows businesses
to register their existing phone number as a GhanaPay Merchant number. This number is
then linked to a GhQR to allow merchants receive money from any bank account or
mobile money wallet. Funds received onto the GhanaPay Merchant number can be
transferred to any bank account or mobile money wallet at no transaction fee to the
merchant. - Bill Payments: GhanaPay users can now conveniently pay their DStv and GOtv bills
directly using GhanaPay through both the app and USSD. Soon other utility bills like water and electricity bills will be added. - myGhanaPay Savings: Like all other mobile money wallets, customers earn at least some 1.5% interest on their daily balance, which is redeemable on quarterly basis. But in addition to this, the GhanaPay user can push money from their main wallet into a special savings wallet on the app under the myGhanaPay Savings feature, which can be located under “Other Services”. This special saving wallet earns the customers a minimum of 2.5% interest provided the user does not pull cash out of the savings more than twice during the savings period.
At the launch of the new feature, Chief Executive of GhIPSS, Archie Hesse noted that the GhanaPay wallet was purposely established to get banks deeply involved in the informal sector, so that they can help to pull cash from their sector into the banking system for national development.
He said that was why the banks agreed to allow free transfers from GhanaPay wallets to all wallets and bank accounts across the country, in addition to linking every wallet to a bank account to enable users to have access to other banking services via their wallets.
Archie Hesse said, beyond pulling cash into the financial system for national development, banking the unbanked and driving financial inclusion, mobile money wallets also help the central bank to cut cost on cash printing and movement, as well as reduce the burden of having to spend more money to destroy defaced bank notes.
Head of GhanaPay Mobile Money Unit at GhIPSS, Samuel Darko said in 2022 when the wallet for first launched, it started slow, garnering just about 40,000 customers. But as of today, it has over a million customers and is recording well over GHS2.5 million in transactions.
“This is a clear sign that Ghanaians have started seeing the uniqueness and efficiency of GhanaPay and I can assure you that GhanaPay is fast emerging as the best mobile money wallet in GhanaPay in terms of its offerings, convenience and affordability,” he said.
According to him, in the coming days, GhanaPay will introduce one of the juiciest insurance package in addition to the new features, adding that the banks, who are the main stakeholders, are also gearing up to embark on a more aggressive marketing to ensure that GhanaPay becomes the wallet of choice in the country.
