GCB Bank Limited has made a giant move into the mobile banking industry with the introduction of a new 'mobile money' service called G-Money.
The new service which will be fully operational in January 2020 will allow customers of the bank and non-customers to perform an array of financial transactions from their phones.
These include sending and receiving money, buying goods, paying for services, saving and borrowing money as well as moving funds to and from the GCB accounts and other platforms.
Speaking to the press in Accra on Thursday, December 5, 2019, GCB Bank's Managing Director Anselm Ray Sowah, disclosed that the Bank of Ghana, on November 25, 2019, approved GCB's request to create electronic value backed by equivalent cash to provide customers with access to electronic wallets through USSD (shortcode) banking, mobile banking application, internet banking platform, point of sale device, automated teller machines and quick response code.
It is based on this approval that the bank is finally rolling out G-Money in order to help deepen financial inclusion Ghana as stated in the Payment Systems and Services Act 20109 (Act 987).
With this vision, G-Money has been designed to give "customers the freedom to perform transactions regardless of their network operator."
"Our proposition seeks to deliver superior customers service through extensive branch network, well trained and motivated staff, complemented by a vast agent network of local entrepreneurs," Mr Sowah said.
On his part, the Deputy Managing Director of GCB in charge of Operations, Samuel Amankwah indicated there were plans to "expose its application programme interface to local and international financial technology firms to provide complementary services through their channels."
Mr Amankwah explained that"strategic collaboration with partners and other Banks would provide new possibilities to deliver value-added services to Ghanaians."
"The new service is the catalyst for extending basic financial services beyond the existing Bank branch networks,” he said.
“We will rely heavily on the solid and secure position of GCB to deliver the agenda of taking banking services to the doorstep of every Ghanaian," he added.
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