GCB Bank launches ‘G-Money’ digital currency

GCB Bank, as part of the digital transformation, has introduced its digital currency or mobile money christened G-Money which will allow customers of the bank to perform electronic payments or transactions seamlessly.

“G-Money” allows customers to send and receive money, buy goods, pay for services and move funds within the financial ecosystem.
Customers can also save and take instant micro-loans using their G-Money accounts.

The Bank, with support from the Ghana Inter-Bank Payment and Settlements Systems, has successfully integrated into existing mobile money operators. The service is fully interoperable with existing mobile money wallets or other bank accounts and thus enables registered G-Money customers can send and receive funds from across a varied number of platforms.

Ray Sowah, the Managing Director of GCB Bank announced, who announced this at a media briefing, in Accra, said the Bank of Ghana approved the request from the Bank on November 25, 2019.

This was to create a digital platform backed by equivalent cash to provide customers with access to electronic wallets through the mobile banking application, internet banking platform, point of sale device, automated teller machines and quick response code.

This was intended to bridge the digital divide, which is crucial to ensure equal access to information and financial services. The Managing Director said: “Our proposition seeks to deliver superior customers service through extensive branch network, well trained and motivated staff, complemented by a vast agent network of local entrepreneurs”.

The Bank of Ghana’s commitment, he said, was to drive financial inclusion, as one of its key strategic objectives and the passage of the Payment Systems and Services Act, 2019 (Act 987).
The Act creates an enabling environment for the ongoing digitisation processes in the economy.

Samuel Amankwah, Chief Operations Officer, GCB Bank, said as part of the roadmap, the Bank would expose its application programme interface to local and international financial technology firms to provide complementary services through their channels.

He said strategic collaboration with partners with outlets and other Banks would provide new possibilities to deliver value-added services to Ghanaians. “The new service is the catalyst for extending basic financial services beyond the existing Bank branch networks,” he said.
“We will rely heavily on the solid and secure position of GCB to deliver the agenda of taking banking services to the doorstep of every Ghanaian”.