The efficient payment option that saves you money

GhanaPay could help you make some good savings if you spend just a little time to understand this mobile money product and the benefits it offers you.

You may require some personal enquiry to get all that you need to know about this wonder product. But what I will try to do, is to give you a sneak peek into what GhanaPay is, its unique features, and the fact that there are no charges on money transfers.

GhanaPay is a mobile money service provided by universal banks, rural banks, and savings and loans companies to individuals and businesses. Just as any mobile money service, GhanaPay offers basic mobile money functionalities with additional banking services designed for the users’ financial freedom. GhanaPay is accessible via USSD *707* and via the GhanaPay App, available on the Google play store and the iOS app store.

Its fundamental strength lies in the fact that it is a shared service offered not by one company but many financial institutions coming together. It benefits heavily from the synergies of several strong companies.

As the popular adage goes, in unity lies strength, so it is with GhanaPay, as all these institutions involved have leveraged on their abilities and expertise to design and develop a mobile money service that obviously surpasses any other currently on the market.

No charges on transfers

Many of the existing mobile money services charge for money transfers, and transactions above 100 cedis in a day also attract the Electronic Transaction Levy (e-Levy).

Customers of mobile money service providers who do not charge, however pay transaction charges when they send money to a mobile money wallet of another service provider.

With GhanaPay however, regardless of which mobile wallet you are sending the money to, there are no charges. The 23 universal banks, savings and loan as well as rural banks, based on the strength of numbers, are able to absorb these transfer charges. The only payment you may have to make is the statutory e-levy.

Let me demonstrate to you how much savings you will make if you chose to use GhanaPay. On a regular transaction of 200 cedis, you will be charged on the average 2 cedis by your service provider in addition to the e-levy. That 2 cedis is saved if you opted for GhanaPay. Imagine the number of times you send about 200 cedis in a week and in a month? Cumulatively, check how much you spend in a year on charges, that is money you save by opting to use GhanaPay.

As individual users of mobile money service, if we opt to use GhanaPay, we save a lot for ourselves in these very challenging times where every pesewa means so much.

But here is the bigger picture, if we opt to move in droves to use GhanaPay, it will force competition to react. Other service providers will have little option but to bring down their charges or also remove all the charges. It is a win for us!

Unlike other services providers who charge on average 1% of the transaction value for withdrawals at bank branches, all GhanaPay users can walk in to any bank branch and request for Cash in (deposit) or Cash Out (withdrawal from the wallet) for free.

All GhanaPay agents also have the opportunity to register GhanaPay subscribers using the agent’s app and earn commission per user.

Cash out at all GhanaPay agent outlets are 50% cheaper than all other Mobile Money services. For instance if you cash out GH¢200 from a bank using any of the other mobile money services you’d be charged GH¢2 which is 1% of GH¢200. However, if you cash out the same GH¢200 from any GhanaPay partner bank, there are zero charges.

The benefits of GhanaPay goes beyond the zero charge on transfers. It offers a lot more.

GhanaPay functionalities

GhanaPay primarily functions as mobile money and a banking product, offering a bouquet of services;

1. It gives users the opportunity to have a direct relationship with a bank as a mobile money user and the users have access to unlimited banking services in addition to existing mobile money services.

2. GhanaPay offers users the opportunity to send and receive money from all mobile money networks and also from bank accounts. Customers can also cash-in and cash-out at any time. Beneficiaries who do not have a wallet are not left out. A GhanaPay token / voucher can be generated and sent to the beneficiary for withdrawal from any agent or bank branch.

3. GhanaPay can be used to buy airtime and data from all networks.

4. All GhanaPay wallets earn interest on daily wallet balances.

5. GhanaPay has a unique Savings wallet which gives all users the opportunity to move funds from their main wallet to the savings wallet and earn interest.

6. Additionally, GhanaPay can be used to pay bills and to make payments to merchants via GhQR.

7. On GhanaPay, you can request for your statement using either the App or USSD and receive it instantly at no fees. You can also file complaints to the GhanaPay team using the app or send feedback.

GhanaPay users can receive remittances from selected countries outside Ghana.

How to be a GhanaPay user

It is pretty easy to subscribe to the GhanaPay Mobile Money service. If you are not comfortable with technology, just walk into any bank with your Ghana Card and ask to be registered for GhanaPay.

You can also download and install the GhanaPay app on the Google play store or Apple store and follow the prompts to enter some basic personal data and complete the registration process.

GhanaPay accredited agents across the country can also assist customers and registering and onboarding.

Existing Mobile Money agents interested in becoming GhanaPay agents can also visit any bank branch to be registered as GhanaPay agents.

Conclusion

Service providers globally continue to innovate and introduce new services to their customers in line with changing customer needs, international trends and the quest to make payment efficient for individuals and businesses.

GhanaPay is simple, affordable and easy to use. It offers the user a hybrid service of mobile money and banking with no charge on transfer of funds, except for the one percent e-levy.

It is a game changer in many ways and can speed up Ghana’s transition into a cash-lite economy. It is important for Ghanaians to patronize GhanaPay Mobile Money and enjoy zero transaction charges plus extra value on all services.