GhanaPay Introduces Innovative Features to Enhance Financial Inclusion

GhanaPay, the foremost bank-based mobile money wallet in Ghana, has unveiled new features to enrich the user experience and bolster financial inclusion across the country.

Developed in collaboration with GhIPSS (Ghana Interbank Payments and Settlements Systems) and the Ghana Association of Bankers, these enhancements are designed to make mobile money ownership more accessible, affordable, and user-friendly.

Accessible via the GhanaPay App, available on both Google PlayStore and Apple Store, as well as through USSD short code *707#, the five new features include:

1. Standing Instructions: Facilitates automated fund transfers for regular payments such as insurance premiums and salaries, enabling users to manage multiple instructions effortlessly and free of charge.

2. Sponsored Wallet Service: This service allows GhanaPay users to allocate funds directly to beneficiaries for expenditure without the need for transfer, with options to set spending limits and durations.

3. Crowdfunding: This feature enables users to pool resources for various campaigns or projects within the GhanaPay platform, promoting collaborative funding efforts for personal, business, or charitable initiatives.

4. GhanaPay Merchant Payments: This service empowers businesses to receive payments via a registered GhanaPay Merchant number linked to GhQR, facilitating seamless transactions from bank accounts and mobile wallets without fees.

5. Bill Payments: The GhanaPay platform enables convenient payment of DStv and GOtv bills, and utility bills like water and electricity will soon be included.

Additionally, the myGhanaPay Savings feature offers enhanced interest rates on savings, encouraging users to grow their funds securely within the app.

Archie Hesse, Chief Executive of GhIPSS, emphasized that GhanaPay was strategically developed to integrate banks more deeply into the informal sector, promoting financial stability and national development. He highlighted the initiative’s role in reducing cash-related costs for the central bank and enhancing financial inclusivity by linking wallets to bank accounts.

Samuel Darko, Head of the GhanaPay Mobile Money Unit, noted GhanaPay’s rapid growth, citing its expansion from 40,000 to over a million customers and transactions exceeding GHS 2.5 million. He underscored GhanaPay’s emergence as a preferred mobile money solution in Ghana and praised its convenience, affordability, and comprehensive offerings.

Looking ahead, GhanaPay plans to introduce robust insurance packages and embark on aggressive marketing strategies to consolidate its position as the leading mobile money wallet in Ghana.

These innovations underscore GhanaPay’s commitment to transforming financial services, empowering users, and advancing economic inclusion nationwide.

SOURCE: NEWSGHANA