GhIPSS unveils innovative features for GhanaPay MoMo Wallet
By Isaac AIDOO, Accra
The Ghana Inter-Bank Payments and Settlement System (GhIPSS), in collaboration with the Ghana Association of Banks, has launched several new functionalities for the GhanaPay Mobile Money Wallet.
The move aligns with the brand’s promise to enable customers to “do more their way.”
Business Development Executive at GhIPSS, Mr Samuel Darko said the new features demonstrate its commitment to innovation and customer convenience.
“These new features demonstrate our commitment to innovation and customer convenience. We are dedicated to empowering our customers to perform financial transactions effortlessly and efficiently,” he said.
Standing Instructions
This allows users to transfer funds on schedule to another individual or settle recurring bills. Users can set up multiple instructions for transferring funds to GhanaPay users, bank accounts, or different mobile money networks.
Sponsored Wallet service
Enables users to allocate funds to a chosen beneficiary who can then spend the funds directly from their GhanaPay wallet. “Sponsors can set daily or monthly spending limits and remove beneficiaries at any time; Transaction details are also accessible through SMS alerts and wallet statements.”
Crowdfunding
Allows users to establish or join groups to pool resources for various campaigns or projects. According to Mr Darko, “Crowdfunding is ideal for alumni, church groups, personal, business, or charitable endeavours; Users can set up groups, launch campaigns, specify project details, fundraising goals, approval policies, and timelines, and share campaign links for contributions.”
GhanaPay Merchant Payments
They enable businesses to receive money from any bank account or mobile money wallet. Businesses can register their existing phone numbers as GhanaPay merchant numbers, linked to a GhQR, to receive payments. There is flexibility as funds received can be transferred to any bank account or mobile money number without transaction fees.
The features aim to simplify financial transactions, promote financial inclusion, and enhance the overall user experience on the GhanaPay platform.
Chief Executive Officer of GhIPSS, Mr Archie Hesse maintained that the enhancements aim to provide greater convenience and flexibility to GhanaPay users, fostering a more efficient and user-friendly mobile money ecosystem in Ghana.
He explained the significance of the GhanaPay Money Service to stakeholders in the financial inclusion space.
“The mobile money service by itself was to address the unbanked situation that we have in the country. From inception, it was the telcos that had been leading it and then the fintechs also got involved. The banks then said that the mobile money platform had become a very convenient tool,” Mr Hesse added.
