Bawumia launches world’s first bank-wide mobile money, GhanaPay

The Vice President of Ghana, Dr. Mahamoud Bawumia has launched GhanaPay mobile money services today in Accra saying the innovation is the first of its kind in the world.

According to him, the platform, a “bank-wide mobile money service by universal banks, rural banks, as well as savings and loans companies to individuals and businesses” allows individuals to patronize the services even without bank accounts.

“The service, which operates like the existing mobile money service, also has additional banking services, and is opened to everyone with access to a mobile phone, with or without a traditional bank account.” – he said in a Facebook post.

He noted that “This is another groundbreaking initiative, which further expands our government’s vision for financial inclusion, especially to the unbanked population through digital banking.”

This is coming at the back of the introduction of the 1.5% electronics transaction levy which has since May 1, 2022, led the telecom companies to record a significant decline in their transactions.

Read his post:

This morning in Accra, I launched the GhanaPay mobile money service, the first bank wide mobile money service by universal banks, rural banks, as well as savings and loans companies to individuals and businesses.

The service, which operates like the existing mobile money service, also has additional banking services, and is opened to everyone with access to a mobile phone, with or without a traditional bank account.

This is another groundbreaking initiative, which further expands our government’s vision for financial inclusion, especially to the unbanked population through digital banking.

Ghana becomes the first country in the world that has implemented a bank-wide mobile money service. Congratulations to the Central Bank, the Ghana Association of Bankers, GhIPSS and all other stakeholders for the collaborative effort to make this possible.