A comparative analysis of rates between G-Money and the three other mobile money service providers in Ghana show that G-Money currently stands tall with the best Peer to Peer (P2P), Cash Out and Mobile Money Interoperability (MMI) rates on the market.
This is according to the Managing Director of the GCB Bank, Anselm Ray Sowah.
He stated that G-Money has the lowest P2P rate of 50pesewas which is a flat fee for all transactions below 999.99 cedis.
It also charges a flat fee of 1 cedi for transactions worth 1,000 cedis and above, while other competitors charge as much as 10 cedis per transaction.
He also stated that, ‘the rationale behind our unbeatable rates is to encourage our customers and all Ghanaians to go cashless with G-money and limit their exposure to bank notes to promote both digital financial inclusion and avoid physical contact in this COVID-19 season.”
On the Mobile Money Interoperability (MMI), the analysis showed that G-Money has the best MMI rates across all its pricing categories which makes it affordable to the consumer.
“While other mobile money service providers charge as much as 15 cedis for transactions worth 1000.01 cedis and above, G-money charges a flat fee of 10 cedis. For transactions below 1000 cedis, G-Money charges as low as 1% for the transaction,” the statement noted.
G-Money is a mobile money service introduced GCB to allow individuals and businesses to store and make transactions on their phones and other personal digital assistant devices (PDA).
The service is part of the bank’s drive to take advantage of its country-wide branch network to deploy a digital payment service that fosters financial inclusion and propel Ghana’s interoperability system initiated by the Government.
The mobile money wallet service can be accessed via various channels such as USSD, the bank’s mobile banking applications, ATMs, point of sale devices and very soon would be available for use on WhatsApp.
