Vice-President Dr Mahamudu Bawumia inaugurated the GhanaPay Mobile Money Service in Accra on Wednesday (15 June).
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.
Bawumia welcomed the launch of the GhanaPay mobile money service as "another breakthrough move," adding that the service furthers the government's objective for financial inclusion through digital banking for all Ghanaians.
"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 improvements," he stated.
"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 from analogue 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, then, applaud the Ghana Association of Banks, GhIPSS, and other 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." This, in my opinion, is a great opportunity for banks.
"Because GhanaPay eliminates the constraints involved with creating official bank accounts, banks should be able to use the GhanaPay platform to significantly reduce the unbanked population."
"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."
The GhanaPay app, which sits between telco-provided mobile money and bank-provided banking, may be downloaded from the Google Play Store or the Apple Store.
GhanaPay, like other mobile money services, may be used to send and receive money to and from mobile phones once registered.
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