Bank of Ghana approves electronic strategy 'G-Money' for GCB Bank, here’s how this can be used

The service christened G-Money initiated by the GCB Bank will enable customers to perform transactions regardless of their mobile network.

A statement from the bank ahead of the launch of the service made the revelation.

According to the statement, the move forms “part of GCB Bank’s commitment to driving financial inclusion in its strategic objectives.”

About the G-Money and how to use

The G-Money is the first service to be operated by any bank in Ghana.

It will allow individuals and businesses to use their mobile phones or Personal Digital Assistants (PDA) to store money in the form of electronic money or value for transactions.

The Unstructured Supplementary Service Data (USSD)-ran service will allow both bank and non-bank customers to send and receive money both locally and internationally.

Customers will also be able to save and borrow money using their G-Money accounts. The account can also be linked to any GCB Bank account for ease of transactions.

The introduction of G-Money is part of GCB Bank’s mandate to increase the number of digital services available to its loyal customers. The service is also expected to further propel Ghana’s interoperability system initiated by the Government.

Other services that G-Money offers include the payment of telecommunication network services and the payment of utility bills. The service can be accessed by registering at any GCB Bank branch or selected GCB agent points.

All subscribers, agents and merchants of existing mobile money services can still register to use the G-Money service.

The Launch

GCB Bank will officially launch “G-Money”, an industry-first mobile wallet service on 30th January 2020.

Speaking ahead of the official launch, Mr Ray Sowah, MD of GCB Bank explained the relevance of the mobile wallet service to the nation’s development saying;

“Under goal 9 of the UN Sustainable Development Goals (SDG 9) which focuses on industry, innovation and infrastructure, the Bank seeks to bridge the digital divide which is crucial to ensure equal access to information and financial services. Leveraging GCB’s rich experience in banking acquired over many years, we will offer financial services tailored to suit the specific needs of our diverse customers”, he said.