G-Money which was established in January 2020 registered its one-millionth customer on the 10th of April, 2021. The achievement of this milestone in just over a year shows strongly that G-Money is a force to reckon with in the mobile money services marketplace.
The trailblazing product was set up to offer an attractive alternative to Mobile Money services offered by Telcos on the Ghanaian market. As a new entrant, this significant milestone will be marked with rewards to some customers including the one-millionth patron.
Mr. Kofi Adomako, the MD of GCB Bank indicated, “we are very pleased that our customers have recognized the value of the G-Money products and services. The one-millionth customer base within a little over a year proves GCB’s commitment to offer the public not only bank-based financial services but also provide a more broad-based platform to serve other customers who may otherwise not have been able to transact through the banking system”. He also emphasized GCB’s commitment to ensuring financial inclusion through technology and constant innovation.
G-Money was established as the mobile money arm of GCB and launched its service on January 30, 2020. The brand is known for its services such as cash-in, cash-out, P2P transfer, airtime top-up, merchant payment, Group services, voucher generation, among others. Again, Business-to-Customer services allow registered organizations to pay individual customers in bulk, cutting down on cost, time-wasting, and providing secure and speedy transfers. A case in point is the network’s relationship with Cocoa Licensed Buying Companies such as Eliho and OLAM, enabling them to pay their farmers seamlessly and effortlessly across the nation.
The G-Money service is telco agnostic; allowing both GCB and non-GCB clients to sign on to it for transactions within G-Money or across other networks (MTN, AirtelTigo and Vodafone). Customers can also use any network including GLO for transactions.
Addressing this milestone and the prospects for the future, the Head of G-Money, Carl Ashie stated, “we are definitely on our way to meeting all the financial needs of customers with more efficiency and flexibility. The G-Money platform combines the uncompromising security and robustness of a bank with the agility of a telco. Customers are in full control of their accounts and no cash-out transaction is initiated except by the customer. Given our size, we’re on course to provide a truly unique mobile financial experience”.
G-Money is known for its reliability, safety and speed. Aside from the 1,000,000 individual customers and counting, it currently offers services to Eliho, Olam, Omni, Ghana Statistical Services, Pensions (NBC, Pensions Alliance, Enterprise) among others and will be rolling out new products to cover international remittances, card-to-mobile transfers, and many exciting payment services.
The G-Money service is easily accessible in all the sixteen regions in Ghana and is well delivered by over 19,000 agents and 185 GCB branches nationwide. Alert to the possibility of fraud, a high level of security has been factored into agent point transactions where the short-code of the agent is keyed in to ensure that the transaction is solely between the agent and the customer.