GhIPSS, Ghana's banking association, launched GhanaPay, a mobile money service designed to increase financial inclusion. According to the GhIPSS website, the mobile money service is provided by local “universal banks, rural banks, and savings and loans companies to individuals and businesses.”
Anyone with a cell phone can use it, regardless of whether they have a traditional bank account. The service is similar to the existing mobile money service, but also offers additional banking services. Mahamudu Bawumia, Vice President of Ghana, praised this initiative as a help to boost financial inclusion, especially for the unbanked.
During the launch of the service, the Bank of Ghana Governor Ernest Addison said that instant payment transactions have increased from 420,000 cedis in 2016 to 31.4 billion cedis by 2021 as a result of accelerated digital transformation and consumer preferences for frictionless and convenient payment options. In addition, the ratio of currency in circulation as a proportion of GDP dropped from 6.8 % in 2016 to 4.7 % in 2021, while the cheque usage per capita fell from 25.67 in 2016 to 18.9 in 2021.
"By establishing this common GhanaPay mobile wallet, the cost of testing any new technology for each bank is reduced and allows new ways of doing business. Indeed, this is an exciting development for Ghana’s payment systems landscape and demonstrates how collaboration with the banking sector can proffer solutions for the transformation and deepening of the payments ecosystem,” Addison added.