Other Financial Institutions To Reach More Unbanked Population

The introduction of the first bank-wide mobile money solution, dubbed: GhanaPay, to be offered by universal banks, rural banks, and savings and loans companies, is expected to spur the country’s financial inclusion drive, as well as its digital financial transformation. GhanaPay, which is available to individuals and businesses, according to the Vice President, Dr. Mahamudu Bawumia, provides a “huge avenue for banks to rapidly bring more people into the banking space”. This is against the backdrop that the platform provides an avenue to address the bottlenecks faced in opening formal bank accounts, thus easing the processes now, particularly for the…