GHANA:Capital Bank, Allied Oil unveil mobile payment system

The Capital Bank has entered into a partnership with Allied Oil Ghana Limited, an oil marketing company, to introduce a new product onto the Ghanaian market.

Dubbed, ‘SpeedPay,’ the new product is a money voucher that is expected to allow Capital Bank account holders to conveniently deposit funds into their account through their mobile phones.

It could also be used to make online payments by customers and non-customers of the bank.

The Managing Director of Capital Bank, Rev. Fitzgerald Odonkor, said at the launch in Accra that in a highly competitive and paced world, banking was not just about developing customer-focused solutions but about “developing innovative solutions that are superior to competing solutions’’.

Such solutions, he said, should be inspired by speed and precision.

“This solution known as SpeedPay has evolved beyond a cash deposit solution and can be used by both customers and non-customers to make payments online through various platforms,” he said.

Why Allied Oil

The MD said the decision to partner Allied Oil was not only aimed at extending Capital Bank’s banking halls and hours but was driven largely by “a desire to partner an ambitious Ghanaian brand that places premium on innovative and customer-focused solutions.”

Cashless economy  

The Chief Executive Officer (CEO) of Allied Oil Company Limited, Mr Elliot M. Okudzeto, expressed satisfaction about the partnership, saying the product came at an opportune time.

“The product, which is a novelty, is required at this time of a global push for a cashless society. We at Allied Oil are excited to partner Capital Bank,” he said.


He said he was optimistic that the SpeedPay platform would go a long way to reduce the risk involved in handling physical cash.