Ghana is the fastest-growing mobile-money market in Africa with close to 12 million customers at the end of 2019, according to the World Bank.
Currently, the mobile money subsidiary of MTN is the dominant player with about 90% of mobile money transactions, followed by the subsidiaries of AirtelTigo and Vodafone.
Having been in the industry for 10 years, MTN has succeeded in building a good network of agents who facilitate the transfers and transactions of customers with ease nationwide. However, it has had its fair share of challenges.
These challenges birthed new dawn for others to venture into the space.
In January 2020, GCB Bank launched G-Money, a USSD-run mobile money service which allows individuals and businesses to store money and make transactions on their phones and other personal digital assistant devices (PDA).
This service is part of GCB Bank’s commitment to driving financial inclusion as part of its strategic objectives.
G-Money facilitates the transfer of funds directly from a bank account to the G-money mobile wallet. The wallet can also be used to make payment for other services such as utility bills and airtime.
The introduction of G-Money is part of GCB Bank’s mandate 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 government.
Being the first bank-led mobile money service, G-Money offers the same level of security as a regular GCB Bank account. With G-Money, customers have total control of their transactions since they originate all transactions themselves.
The service also gives existing bank customers the opportunity to own a G-Money mobile wallet by self-onboarding onto the service.
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) and Mobile Money Interoperability (MMI) charges and rates on the market.
GCB Bank has the goal of becoming the leading mobile 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 complimenting the telecom players in the mobile money space with its unbeatable rates.
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