GCB remains the biggest bank in Ghana. Having operated in the country for over six (6) decades, GCB has undergone major digital transformations and can boast having one of the most robust IT infrastructure in the country.
Based on solid IT backing, the bank has churned out a lot of IT-related products and services tailored to meet the needs of loyal and walk-in customers – from mobile banking, through Internet banking and mobile Apps to payment platforms, serving individuals, merchants and other players in corporate and SME space.
The latest of the bank’s digital flagship products is G-Money, which is available to GCB customers and non-customers.
G-Money is the first bank-led mobile wallet solution to be introduced onto the Ghanaian market, making GCB the unparalleled preferred financial partner in the banking sector, and a major player in the mobile money space – giving telecoms a run for their money.
According to the World Bank, Ghana is the fastest-growing mobile-money market in Africa, with close to 12 million customers at the end of 2019. Currently, the mobile money space has four major players: namely GCB (G-Money), MTN, AirtelTigo and Vodafone. It is important to note that GCB has no direct competitor in the banking sector operating in the Mobile Money space, since the other banks ride on the back of telecoms and other Fintechs.
There have been many concerns surrounding safety of the service (mobile money) in the recent past, as a result of purported mobile money fraud and other cyber-crimes.
Taking up these challenges, GCB in January 2020 launched G-Money – a USSD-run mobile money service that allows individuals, groups and businesses to store money and make transactions on their phones and other personal digital assistant devices (PDAs). This service is part of GCB Bank’s commitment to drive financial inclusion as part of its strategic objectives, leveraging on opportunities offered by digital technologies. The platform offers the same level of security as a regular GCB Bank account.
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 GCB Bank’s mandate to increase the number of digital services available to its loyal customers. The service is also expected to further propel Ghana’s interoperability system initiated by government.
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 Ghana, G-Money currently stands tall with the best Peer to Peer (P2P) and Mobile Money Interoperability (MMI) charges and rates on the market.
GCB Bank has the goal of becoming the leading mobile financial services provider in Ghana and beyond, through a commitment to superior service and best practice. The bank is committed to maintaining its position as the leading bank in Ghana, and plans to continue complementing the efforts of telecom players in the mobile money space with its unbeatable rates. GCB continues to stand tall within the banking sector, and will remain your unparalleled financial solutions partner for life.
GCB, your bank for life