On Wednesday, June 15, 2022, Vice President Dr Mahamudu Bawumia inaugurated the GhanaPay Mobile Money Service in Accra.
GhanaPay is the first bank-wide mobile money service for people and businesses offered by universal banks, rural banks, and savings and loans firms.
The GhanaPay service, which functions similarly to the existing mobile money service but adds banking features, is available to anybody with a mobile phone (even a yam phone) and a conventional bank account.
Vice President Bawumia, speaking during the launch, called the GhanaPay mobile money service "another ground-breaking effort," noting that it furthers the government's aim of financial inclusion for all Ghanaians through digital banking.
"The large unbanked population was one of the most significant issues we faced as a country." Over 70% of the adult population was unbanked for a long period. However, we have greatly decreased the unbanked population as a result of payment channel changes," remarked the Vice President.
"It's encouraging to see that the banking sector is increasingly searching for methods to broaden financial inclusion to all Ghanaians." It is undeniable that the whole economy is undergoing a transformation to what I refer to as the "from" economy.
from analog to digital The advantages of this transition, which is spreading through every area of the economy, are huge, and we can see and experience some of them right now," he continued.
"Let me therefore applaud the Ghana Association of Banks, GhIPSS, and all institutions that have believed in our goal from the beginning and have continued to support it to this point."
"At the rate at which Ghana is adopting technology, it seems apparent that in the not-too-distant future, digitisation will influence nearly every aspect of our lives."
While praising banks and other stakeholders for working together to launch GhanaPay, Dr. Bawumia expressed optimism that more financial inclusion will be realized in the country through digital financial services in the near future.
"I'm particularly pleased that the banks have banded together to offer GhanaPay, a common electronic wallet." "I view this as a great opportunity for banks to quickly attract more individuals into the banking industry," says the author.
"Because GhanaPay eliminates the obstacles involved with creating official bank accounts, banks should be allowed to use it." "I am certain that we can reduce the number of unbanked Ghanaians even further, and one of the ways to do so is through digital finance services, which leverage the growing popularity and use of mobile wallets due to their convenience."