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
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
This service is part of
"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
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
Being the first bank-led mobile money service, G-Money offers the same level of security as a regular
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
The Bank is committed to maintaining its position as the leading bank in
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
G-Money's maximum account balance limit is up to
G-Money is the only mobile money solution that charges 0.50 pesewas for P2P transactions between
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