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    NIB MD laments cost of borrowing for private sector

    Kwahu Summit to focus on Africa’s economic transformation under AfCFTA – APN

    World Trade Centre Accra Accra announces partnership with Altkom Akademia to offer professional education in Africa

    Ghana has the 4th cheapest average cost of internet in Africa – Statista

    Africa’s internet economy to cross $180 billion by 2025: Report

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

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    NIB MD laments cost of borrowing for private sector

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    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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G-Money gives Telcos a run for their money [Article]

June 24, 2020
in FEATURES, News
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According to the World Bank, Ghana is the fastest-growing mobile-money market in Africa with close to 12 million customers at the end of 2019.

Currently, the mobile money subsidiary of MTN is the dominant player with about 90% of mobile money transactions, followed by the subsidiaries of AirtelTigo and Vodafone.

Having being in the industry for 10 years, MTN has succeeded in building a good network of agents who facilitate the transfers and transactions of customers with ease nationwide. However, there have been many concerns surrounding the safety of the service recently as a resulted of purported mobile money fraud and other cyber-crimes. These security challenges birthed a new dawn for banks who would dare, to venture into the mobile money space to offer better security and safety.

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In January 2020, GCB Bank launched G-Money, a USSD-run mobile money service which allows individuals and businesses to store money and make transactions on their phones and other personal digital assistant devices (PDA). This service is part of GCB Bank’s commitment to drive financial inclusion as part of its strategic objectives.

G-Money facilitates the transfer of funds directly from a bank account to the G-money mobile wallet. The wallet can also be used to make payment for other services such as utility bills and airtime. 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.

Being the first bank-led mobile money service, G-Money offers the same level of security as a regular GCB Bank account. With G-Money, customers have total control of their transactions since they originate all transactions themselves. The service also gives existing bank customers the opportunity to own a G-Money mobile wallet by self-onboarding onto the service.

Following a comparative analysis of the rates between G-Money and the three other mobile money service providers in Ghana, G-Money currently stands tall with the best Peer to Peer (P2P) and Mobile Money Interoperability (MMI) charges and rates on the market.

GCB Bank has the goal of becoming the leading mobile financial services provider in Ghana and beyond through a commitment to superior service and best practice. The Bank is committed to maintaining its position as the leading bank in Ghana and plans to continue complimenting the telecom players in the mobile money space with its unbeatable rates.

The table below compares G-Money with the other mobile money providers based on five factors.

G-Money is the only mobile money solution that charges 0.50 pesewas for P2P transactions between a 100 cedis and 1000 cedis and 1 cedi for transactions above a 1000 cedis.

Although G-Money has been in operation for less than five months, it has signed on over 300, 000 customers and expects to cross the 1 million mark by the end of the year. The service also seeks to widen its network of agents and introduce relevant offers to build loyalty among its customers while signing up new ones.

Source: Eunice Hansen-Sackey
Tags: G-Moneymobile money
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