Vice President Bawumia Launches GhanaPay

VP Dr. Mahamudu Bawumia on Wednesday, June 15, 2022, launched the GhanaPay Mobile Money Service in Accra.

The GhanaPay is the main mobile cash administration by all universal banks, rural banks as well as savings and loans organizations to people and their businesses.

The GhanaPay services, which works like the current mobile money, with extra financial administrations, is opened to everybody with a cell phone (yam phones inclusive) regardless of a traditional bank account or not.

Talking at the launch, Vice President Bawumia depicted the presentation of the GhanaPay versatile cash administration as “another groundbreaking initiative. He added further that the government has a plan to extend monetary incorporation to all Ghanaians through computerized banking.

“One of the biggest challenges that we faced as a country was the huge unbanked population. For a long time, over 70 percent of the adult population was unbanked. However, thanks to reforms in the payment channels, we have significantly reduced the unbanked population,” said the Vice President.

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“It is heartwarming to know that the banking sector is increasingly looking for ways to extend financial inclusion to all Ghanaians. It is clear that the entire economy is being transformed from what I want to call analogue to digital. The benefits of this transformation, which is literally sweeping across every sector of the economy, are enormous and we can readily see and experience some of the benefits,” he added.

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“Let me, therefore, commend the Ghana Association of Banks, GhIPSS, and all institutions that from the very beginning, believed in this vision and have supported it all through to this point

“At the rate at which Ghana is adopting digitization, it is clear that in the near future, almost every part of our lives will be driven by digitization.”

While applauding banks and different partners for collaborating to bring about the GhanaPay, Dr. Bawumia was hopeful financial stability will be accomplished in the country through computerized monetary help.

“I am particularly excited that the banks have closed their ranks and come together to introduce a shared electronic wallet, which has been christened GhanaPay. I see this as a huge avenue for banks to rapidly bring more people into the banking space,”

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“GhanaPay takes care of the bottlenecks associated with the opening of formal bank accounts, so the banks should be able to use the GhanaPay platform to massively reduce the traditionally unbanked population.”

“I know we can bring it (number of unbanked Ghanaians) down further and one of the channels to achieve this is through digital financing services; that is leveraging the increasing adoption and usage of the mobile wallet because of its ease of use.”

The GhanaPay, which is situated between mobile money, presented by telcos, and banking, presented by banks, can be downloaded on Google Play Store or on Apple Store.

Very much like the current mobile money, the GhanaPay, once enrolled, can be utilized to send and receive funds to and from mobile networks and bank accounts. It can equally be utilized to cash in and cash out purchase airtime, and furthermore pay for labor and products through a GhQR shipper.

By launching the GhanaPay mobile money service, Ghana has accomplished an additional digital payment milestone by being the first country on the planet to carry out a bank-wide mobile money service.

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