Dr. Bawumia described it as another groundbreaking initiative, “which further expands our government’s vision for financial inclusion, especially for the unbanked population through digital banking services.”
He further revealed that Ghana is the first country in the world to have implemented a bank-wide mobile money service.
To this end, he commended the Central Bank, Ghana Bankers Association, GhIPSS and all other stakeholders for the collaborative effort that made this possible.
For his part, the Governor of the Bank of Ghana, Ernest Addison, said the launch of the GhanaPay mobile wallet “marks another step in the digitalization of the financial system”.
“Banks in Ghana are reinventing themselves and have continued to respond positively to the competitive nature of payment systems characterized by increased consumer preferences for convenience and frictionless payment options,” Dr Addison said at the launch.
“This collaborative effort of a common electronic wallet would allow economies of scale thanks to the pooling of resources. By establishing this common GhanaPay mobile wallet, the cost of testing any new technology for each bank is reduced and enables new ways of doing business. Indeed, this is an exciting development for Ghana’s payment systems landscape and demonstrates how collaboration with the banking industry can offer solutions for the transformation and deepening of the payments ecosystem.”