GhanaPay: Bank-wide mobile money service for Ghanaians [Ultimate Guide]

GhanaPay was launched on June 15, 2022, by the Vice President, Dr Mahamudu Bawumia, in Accra, Ghana.

According to Veep, Ghana is the first country to implement a bank-wide mobile money service.

The GhanaPay is a mobile money service, the first bank-wide solution in Ghana, providing an opportunity for users to have access to unlimited banking services in addition to existing mobile money services.

The novelty platform was developed through collaborative efforts by the Ghana Interbank Payments and Settlement System (GhIPSS) and the Ghana Association of Banks (GAB) under the supervision of the Bank of Ghana.

This groundbreaking innovation has been all over the news. So the focus of this article as a tech blog is to outline in simple terms what this new Fintech solution is, how to register, and other relevant things you need to know to fully maximise the opportunity it presents.

What is GhanaPay?

GhanaPay is a mobile money service provided by universal banks, rural banks, and savings and loans companies to individuals and businesses. It is like any mobile money service, but with additional banking services designed for your financial freedom.

Everyone with access to a mobile phone can register for a GhanaPay Wallet, with or without a bank account.

Benefits of using GhanaPay

• GhanaPay lets you directly connect with a bank as a mobile money user.
• Users of GhanaPay have access to unlimited banking services in addition to existing mobile money services.
• Transfers on GhanaPay are free (only e-levy charges apply).

Services of the GhanaPay App

The GhanaPay mobile app provides several services for users, including the following:

• Send and receive money on GhanaPay, other networks, and bank accounts
• Cash-in and Cash-out
• Pay a GhQR merchant
• Buy Airtime ad Data
• Generate a Token
• Request a statement
• Make a complaint or send feedback
• Pay Bills
• Value-added services

How to register for GhanaPay?

You can register for a GhanaPay mobile money wallet in one of three (3) ways:

Option 1: SELF REGISTRATION

1. Dial *707#, and follow the prompt.
2. Enter information about yourself and select a bank you wish to own a wallet with.
3. Walk into a branch of your selected bank to validate your Ghana Card to complete registration.

OR

You can also download the GhanaPay App from Google or Apple store and select a bank you wish to own a wallet with. Enter information about yourself and follow the prompts to complete registration. You will receive an SMS to confirm your registration.

Option 2: BANK BRANCH

Walk into any bank branch of your choice. Ask to be registered for a GhanaPay mobile money wallet. Provide your personal details along with your Ghana Card. You will receive an SMS to confirm your registration when the process is completed.

Option 3: DESIGNATED AGENT (LOCATION)

You can go to specially designated GhanaPay Agents to register for a GhanaPay mobile money wallet with a valid Ghana card, just like in a bank branch.

What do you need to register for a GhanaPay mobile money wallet?

• A registered active mobile phone number
• A valid National ID (Ghana Card)
• Biodata (full name, date of birth, gender etc.)
• Location (GPS) Address

What are the transaction charges on GhanaPay?

Except for Cash-out services, all transactions on GhanaPay are FREE. You only pay the e-levy charge.

Are there transaction limits on GhanaPay?

Yes, there are. Transaction limits are based on the information you submit about yourself, and they are at three (3) levels – Low, Medium and High. Access your GhanaPay limit from the GhanaPay app or by dialling the *707#.

How to increase your GhanaPay limit?

The transaction limit can be increased by visiting any branch of the bank you selected during the registration process. ( E.g. if you registered with GT Bank, you need to walk into any GT Bank branch to increase your limit).

Will the money in your GhanaPay wallet earn interest?

Yes. Interest will be paid on a customer’s end-of-day balance. Interest payments will be quarterly.

Other things to note about GhanaPay

1. You are allowed to register one mobile number for only one GhanaPay wallet and with one bank only. You can have multiple GhanaPay wallets if you have more than one mobile number.
2. You can use any existing mobile phone number for a GhanaPay mobile wallet. To receive money into the mobile wallet, the sender must select GhanaPay as the network.
3. GhanaPay is for everyone. You don’t need to have a bank account to have a GhanaPay wallet.

How to contact GhanaPay

All enquires on Ghanapay should be directed to GhIPSS via the following contact options:

• 1. Call the GhanaPay toll-free number: 0800-000-707
• 2. Website: www.ghipss.net

Optional: You may also speak to your bank about GhanaPay.

Conclusion

The introduction of GhanaPay complements the measures to accelerate Ghana’s migration to electronic payments. We encourage the banking sector to collaborate and further explore more pioneering ways to attain greater efficiency in the payments ecosystem. On this note, let me congratulate GhIPSS and the banking industry again on the development of GhanaPay. I fervently hope that this collaborative spirit will be sustained and enhanced to move the country towards a successful migration to electronic payments and an efficient and effective payment system.