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Efforts to drive financial inclusion through digital financial services has received a boost with the granting of GCB Bank approval to issue electronic money.
The Bank of Ghana (BoG) on November 25, 2019, announced that it had approved the request of GCB to create electronic value backed by equivalent cash to provide customers of the bank and Ghanaians in general access to electronic wallets.
With the approval GCB Bank has developed G-Money, a mobile money service to enable customers of the bank to transact electronic banking services in the comfort of their homes and business locations, without physically visiting the banking hall.
GCB's G-Money platform, which is the first mobile money service offered by a local bank, provide customers with access to electronic wallets through channels such as Unstructured Supplementary Service Data, the bank's internet banking platform, Mobile banking application, Point of Sale device, Quick Respond Code and Automated Teller Machines.
At a media briefing on GCB's G-Money, Managing Director of GCB Bank, Mr Anselm Ray Sowah said the G-Money offered customers the freedom to perform transactions regardless of their mobile network operator, stressing that the bank's proposition sought to deliver superior customer service through its extensive branch network, well trained and motivated staff, complemented by a vast agent network of local entrepreneurs.
He explained that the G-Money is a telecommunication agnostic mobile money service and wallet available to customers and non customers.
"G-Money affords customers variety of financial and micro financial services at competitive rates. Customers can therefore, save and borrow money using their G-Money accounts, drive financial inclusion for the unbanked," Mr Sowah said.
He said with the support of GhIPSS, G-Money platform had been successfully integrated with existing mobile money operators and thus the G-Money registered customers could send and receive funds from any mobile money wallet or bank accounts.
Mr Sowah said digital innovation was changing the way banks interact with customers and in recognition of GCB Banks's quest to increase customer satisfaction, it had revamped its internet banking platform and introduced a mobile banking application.
"It is refreshing that G-Money has come at a time when conventional banks and other financial institutions have been charged to create better access to financial services to the excluded population," he said.
The Deputy Managing Director of GCB Bank in charge of Finance, Socrates Afram said the investment in G-Money was worth it.
He said banking industry was moving towards electronic banking and the investment in the G-Money was to ensure the sustainability of the bank and make it relevant to customers and the changing dynamics in the banking industry.
The Head of Operations of GCB, Charles CCC Crabbe said the G-Money platform was robust and secure.
He said the bank has partnered with Huawei Technologies, which has one of the robust and secure mobile money platforms, to offer the G-Money services.