GCB Bank Introduces ‘G-Money’ Transaction

GCB Bank, as part of the digital transformation, will begin its first mobile money service in January 2020.

The mobile banking application christened “G-Money” will allow customers to send and receive money, buy goods, pay for services, save and borrow money as well as move funds within the financial ecosystem.

The service is fully interoperable so registered G-Money customers can send and receive funds from any mobile money wallet or bank accounts.

The Bank, with support from the Ghana Inter Bank Payment and Settlements Systems, has successfully integrated into existing mobile money operators.

Mr Anselm Ray Sowah, Managing Director of GCB Bank, announced at a media briefing in Accra that the Bank of Ghana has approved the request from the Bank on November 25, 2019.

This was to create a digital platform backed by equivalent cash to provide customers with access to electronic wallets through the mobile banking application, internet banking platform, point of sale device, automated teller machines and quick response code.

This was intended to bridge the digital divide, which is crucial to ensure equal access to information and financial services.

The Managing Director said: “Our proposition seeks to deliver superior customers service through extensive branch network, well trained and motivated staff, complemented by a vast agent network of local entrepreneurs”.

The Bank of Ghana’s commitment, he said, is to drive financial inclusion, as one of its key strategic objectives and the passage of the Payment Systems and Services Act, 2019 (Act 987).

The Act creates an enabling environment for the ongoing digitalisation processes in the economy.

Mr Samuel Amankwah, Chief Operations Officer of GCB Bank, said as part of the roadmap, the Bank would expose its application programme interface to local and international financial technology firms to provide complementary services through their channels.

He said strategic collaboration with partners and other Banks would provide new possibilities to deliver value added services to Ghanaians.

“The new service is the catalyst for extending basic financial services beyond the existing Bank branch networks,” he said.

“We will rely heavily on the solid and secure position of GCB to deliver the agenda of taking banking services to the doorstep of every Ghanaian”.