Monday, February 10, 2020
GCB Bank has launched a digital wallet service as part of the bank’s digital transformation agenda. The launch of the service drew massive attention on social media and was attended by the Board, Management, Staff, the media and high-ranking executives from the telecommunications and digital payments industry.
The industry-first product called G-Money is fully interoperable to facilitate the sending and receiving of funds from any mobile money wallet or bank accounts by registered users. It is also accessible across multiple channels such as USSD, the Bank’s mobile banking applications, ATMs, point of sale devices and potentially WhatsApp.
The Vice President of the Republic of Ghana, Dr. Mahamadu Bawumia addressed the event through a pre-recorded video to the amazement of the audience.
Dr. Mahamudu Bawumia expressed optimism about the service and congratulated GCB for leading the innovation saying, "it's a big deal."
He commended GCB for making a bold leap into the mobile wallet space; an area he described as "generally dominated by the telcos".
"It is very good for Ghana", he continued, "it will allow for competition and hopefully, the customers will benefit from lower prices".
Dr. Bawumia thanked the management of the Bank of Ghana for their visionary leadership and commended GCB's efforts saying the bank has always been a trailblazer in Ghana. He ended his speech by expressing confidence in G-Money's capacity to contribute towards building a major base for financial inclusion and charged GCB to keep the innovation going.
Speaking at the launch, Managing Director of GCB Bank, Mr. Anselm Ray Sowah, expressed the hope that G-Money would give the GCB brand an unrivalled recognition among competitors.
He announced that the service would be free for the month of February and revealed GCB’s plans to extend its services beyond the shores of Ghana to other parts of West Africa, Europe, Asia and America.
He added that GCB, with its well-resourced and experienced workforce, is looking for opportunities within the pensions, insurance, custodian and mortgage service spaces. He explained that the introduction of G-Money comes as a response to the fast-changing trend in banking where digital payment has become crucial in reaching the previously unbanked population.
“G-Money will build a bridge across the financial chasm. This will extend banking services beyond the physical bank branch and offer round the clock service to power the national agenda of financial inclusion” he stated.
In his address, Mr. Samuel Amankwah, Deputy Managing Director of Operations of the Bank, said the Bank would live up to its high standards and provide the industry, all customers and non-customers, subscribers, agents and merchants of existing mobile money services the needed stability and liquidity.
The Board Chairman of GCB, Mr Jude Arthur, together with other Board members and top management of the Bank unveiled the logo of G-Money.