GCB Bank’s G-Money has set an ambitious one million subscriber target before the end of this year after it has signed on over 300,000 customers since it began operation less than five months ago.
The mobile money service also seeks to widen its network of agents and introduce relevant offers to build loyalty among its customers while signing up new ones.
According to the World Bank, Ghana is the fastest-growing mobile-money market in Africa with close to 12 million customers at the end of 2019.
Currently, the mobile money subsidiary of MTN is the dominant player with about 90 per cent of mobile money transactions, followed by the subsidiaries of AirtelTigo and Vodafone.
Having been in the industry for 10 years, MTN has succeeded in building a good network of agents who facilitate the transfers and transactions of customers with ease nationwide.
However, security in the industry has birthed a new dawn for banks who would dare, to venture into the mobile money space to offer better security and safety.
In January 2020, GCB Bank launched G-Money, a USSD-run mobile money service which allows individuals and businesses to store money and make transactions on their phones and other personal digital assistant devices (PDA).
This service is part of GCB Bank’s commitment to driving financial inclusion as part of its strategic objectives.
“We are taking our customers on a digital journey that will afford them the freedom to save, borrow and transact at competitive rates via various channels.
For many of the unbanked, a G-Money wallet is an opportunity to open and operate a GCB bank account”, Mr Anslem Ransford Sowah, MD of GCB Bank said at the launch.
G-Money facilitates the transfer of funds directly from a bank account to the G-money mobile wallet.
The wallet can also be used to make payment for other services such as utility bills and airtime.
“The introduction of G-Money is part of GCB Bank’s mandate to increase the number of digital services available to its loyal customers.
The service is also expected to further propel Ghana’s interoperability system initiated by the government,” the MD said.
Being the first bank-led mobile money service, G-Money offers the same level of security as a regular GCB Bank account.
With G-Money, customers have total control of their transactions since they originate all transactions themselves.
The service also gives existing bank customers the opportunity to own a G-Money mobile wallet by self-onboarding onto the service.
“Following a comparative analysis of the rates between G-Money and the three other mobile money service providers in Ghana, G-Money currently stands tall with the best Peer to Peer (P2P) and Mobile Money Interoperability (MMI) charges and rates on the market,” he said.
GCB Bank has the goal of becoming the leading mobile financial services provider in Ghana and beyond through a commitment to superior service and best practice.
The Bank is committed to maintaining its position as the leading bank in Ghana and plans to continue complimenting the telecom players in the mobile money space with its unbeatable rates.
Comparative analysis of G-Money against other players in the industry shows that G-Money which is bank-led has no maintenance charges and no minimum balance.
A rate of 50p is charged for Peer-to-Peer transactions up to 999.
99 and GH¢1 is charged for transactions GH¢ 1000 and above whilst other players charges between 0.
5 per cent and one per cent.
For MMI a flat fee of 10 cedis is charged for sending 1000.
01 cedis and above to other networks compared to other players who charge between 12-15 cedis for sending 1000.
01 cedis and above to other networks.
G-Money’s maximum account balance limit is up to 30,000 cedis which is same for the rest in the industry.
G-Money is the only mobile money solution that charges 0.
50 pesewas for P2P transactions between 100 cedis and 999.
99 cedis and one cedi for transactions 1000 cedis and above.