GCB Bank Initiates Special Tariffs And Limits For Clients On G-Money Service

GCB Bank has renewed its tariff guide and wallet limit based on a directive issued by the Monetary Policy Committee of the Bank of Ghana on 18th March 2020. The focus of this directive is to facilitate efficient payments to enhance digital forms of payment for the next three months in the wake of the COVID-19 pandemic.

The special renewed tariff will permit G-Money clients to send up to GH¢100 for free (excluding cash out). This involves sending money to a recipient on G-Money or another network via the interoperability platform.

The Bank has further reviewed some of its main limits to benefit its clients.
The Head of Operations of GCB Bank, Mr Charles Crabbe, briefed on some of the changes which have been introduced in the special update.

He pointed out, “Customers will now pay as low as 50 pesewas to transact between GH¢100.01 and GH¢999.99 within the G-Money network. Transactions of GH¢1000.00 and above from one G-Money account to the other have also been reduced to 1 cedi.”

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There is also an increment in the daily transaction limits for all its KYC accounts. The current limit for the minimum KYC account is GH¢1,000.00 while that of the enhanced KYC account is GH¢10,000.00.

Additionally, GCB has instituted a limitless maximum account balance offer for both the medium KYC and Enhanced KYC Account holders.

He added, “The rationale of these updated rates is to encourage our customers and all Ghanaians to go cashless with G-money and limit their exposure to banknotes in this less physical contact period.’’

In January, GCB Bank initiated G-Money, a mobile money service which allows people and enterprises to keep and make transactions on their phones and other personal digital assistant devices (PDA). This service forms part of GCB Bank’s dedication to driving financial inclusion as part of its strategic objectives.

The introduction of G-Money is part of GCB Bank’s strategies to improve the number of digital services accessible to its loyal clients. The service is also required to further accelerate Ghana’s interoperability system introduced by the Government.

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