Bank of Ghana’s launch of GhanaPay mobile wallet for banks, savings and loan companies and rural and community banks, marks yet another milestone in digitisation of the financial system. Banks in Ghana are re-inventing themselves and have continued to respond positively to the competitive nature of the payment systems, characterised by increased consumer preferences for convenience and frictionless payment options.
Download the speech here
Launching the service, Bank of Ghana governor Ernest Addison says GhanaPay “seeks to address some of the challenges associated with the current bank centric models by providing an open application that leverages on network infrastructure of the entire banking industry”.
Addison says that the new wallet will help to expand the use of electronic payments, building on the success of the GhIPSS Instant Pay service over the last decade.
Concludes Addison: “The introduction of GhanaPay complements the measures to accelerate Ghana’s migration to electronic payments and we encourage the banking sector to collaborate and further explore more pioneering ways to attain greater efficiency in the payments ecosystem.”