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    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    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”

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    Node 8, HTU hold first edition of Node X in Ho

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete fertilizer, railway projects in Ghana – Afreximbank

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    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    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”

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

byNerteley Nettey
June 16, 2022
in Local Economy, TECHNOLOGY, Top Stories
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Vice President, Dr. Mahamudu Bawumia has reiterated calls for stakeholders within the financial sector to introduce innovative ways to capture the unbanked into the digital payments ecosystem.

Delivering the keynote address at the launch of “Ghana Pay”, a shared electronic wallet product, Vice President, Dr. Mahamudu Bawumia noted that this is critical to the acceleration of the government’s economic transformation agenda.

“With the functionalities that the GhanaPay wallet provides, banks can leverage to provide a wide variety of tailormade banking and wallet services to people who they previously could not reach. The option of providing customers with a combination of banking and traditional mobile money service gives the customer the power to do more,” he said.

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The Governor of the Bank of Ghana, Dr. Ernest Addison, says, the introduction of GhanaPay complements the measures to accelerate Ghana’s migration to electronic payments. He is therefore encouraging the banking sector to collaborate and further explore more pioneering ways to attain greater efficiency in the payments ecosystem

“The emergence of new business models in the banking sector, together with partnerships with financial technology (FinTechs) companies in the offering of payment-related services, have also helped to bridge the financial inclusion gap. Beyond the opportunity to compete directly on product offerings and quality of services, the bank-FinTech collaboration would help in the realisation of common objectives and enable participants to achieve economies of scale in the expansion of the payment networks, as well as reach a critical mass of financial inclusiveness in the country.

This collaboration is commendable and should therefore be sustained since payments represent an indispensable activity for businesses and individuals. Improving efficiency
in financial transactions through electronic payments would not only increase productivity but also minimise costs,” he noted.

A key approach to financial inclusion is the growth of mobile financial services. This provides a fresh perspective on digital transformation and demonstrates that technology can help modernise the financial system and support greater financial inclusion.

In Ghana, the financial sector has seen a significant change with the introduction of mobile money service platforms. The service over the years has transformed from being only a money transfer service to a mix of other financial services such as payments, savings and even loans.

For instance, in less than a decade, GhIPSS Instant Pay transactions valued at ¢420,000 in 2016 surged exponentially to ¢31.4 billion in 2021.

In tandem, both the value of mobile money transactions and registered mobile money agents also increased thirteen and four-fold, respectively in 2021. Another key development was that Ghana’s cash usage measured by currency in circulation as a ratio of Gross Domestic Product (GDP) declined from 6.8% in 2016 to 4.7% in 2021.

In addition, Ghana’s cheque usage per capita, which was 25.67% in 2016 declined to 18.9% in 2021.

Despite this more is being done by stakeholders within the financial space to improve financial inclusion and strengthen the gains made so far.

GhanaPay is a mobile money service platform provided by universal banks, rural banks and savings and loans companies to individuals and businesses.

It is a joint initiative of Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) and the Ghana Association of Banks.

Operating like a Mobile Money Service, GhanaPay has additional banking services designed for financial freedom.

Anyone with access to a mobile phone can register for GhanaPay wallet with or without a bank account. Users of GhanaPay have access to unlimited banking services in addition to existing mobile money services. It forms part of the government’s National Financial Inclusion Agenda to reduce economic vulnerability and enhance the collaboration of banks and the Ghana Interbank Payment and Settlement Systems Limited, GhIPSS.

 

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