Moving funds from bank account to GhanaPay Mobile Money is hassle-free-GhIPSS

Officials at the Ghana Interbank Payment and Settlement Systems (GhIPSS), a subsidiary of the Bank of Ghana, have urged users of GhnaPay to link their wallet to their bank accounts to ensure seamless transactions. They said moving funds to and from a bank account to a GhanaPay mobile money wallet had become seamless and easy to perform once the accounts were linked. GhanaPay mobile money, a service provided by various financial institutions including universal banks, rural banks, and savings and loans companies, is just like traditional mobile money services while seamlessly integrating banking features. Accessible through USSD (*707#) or the GhanaPay App, available on both the Google Play Store and iOS App Store, GhanaPay offers unparalleled convenience and accessibility. One of the standout features of GhanaPay is its account to wallet transfer capability, enabling users to link their GhanaPay mobile money wallet to multiple bank accounts. This functionality facilitates effortless movement of funds fro m linked accounts into the GhanaPay mobile money wallet, providing users with unprecedented flexibility and control over their finances. Mr. Sammy Darko, Head of GhanaPay at GhIPSS, emphasised that all banks were mandated to offer this service and encouraged the public to visit their bank branches to link their GhanaPay wallets to their bank accounts. He highlighted the convenience of linking multiple bank accounts to the GhanaPay mobile money wallet, underscoring the user-focused approach of the service. 'The beauty of GhanaPay lies in its unique proposition as mobile money offered by banks, leveraging their collective strengths to deliver great services to customers,' remarked Mr. Darko, urging the public to embrace the service. Currently all transfers from GhanaPay wallet to other mobile money wallets and bank accounts is free except for e-levy where it applies. Renowned for its role in advancing financial inclusion in Ghana, GhanaPay simplifies account setup compared to traditional bank accounts while providing a comprehensive suite of banking and mobile money services. Additionally, GhanaPay offers a savings wallet feature known as 'MyGhanaPay Savings,' allowing customers to transfer funds from their primary wallet into a dedicated savings account with attractive interest rates of up to 2.5% or more per month, depending on the bank. This interest is separate from the quarterly interest accrued in the main wallet, positioning GhanaPay as the preferred choice for discerning users seeking superior mobile money services in Ghana. The account to wallet transfer feature and the Savings wallet represent just a few of the innovative features expected to drive widespread adoption of the GhanaPay service, heralding a new era of seamless and cost-effective mobile money transactions. Source: Ghana News Agency