In a ceremony held in Accra today, June 15, 2022, the vice president of Ghana formally launched GhanaPay as a tool for digital financial inclusion.

GhanaPay is a mobile money service provided by universal banks, rural banks, and savings and loans companies to individuals and businesses in Ghana, primarily to compete with money services. GhanaPay incorporates additional banking services in addition to the traditional mobile money services. According to the Bank of Ghana’s Summary of Economic and Financial Data., Mobile Money transactions grew by 13.56% year-on-year to ¢76.2 billion for the first month (January) of 2022. These transactions were done by 48.4 million registered Mobile Money Accounts as of January 2022. Given the growing market size of mobile money, the banks through GhanaPay aim to have a share of this market. Users with a mobile phone can access the service through GhanaPay Wallet with or without a bank account. GhanaPay, which is similar to mobile money, provides the following services to users :

  • Send and receive money on GhanaPay, other networks, and bank accounts
  • Cash-in and Cash-out
  • Pay a GhQR merchant
  • Buy Airtime ad Data
  • Generate a Token
  • Request a statement
  • Make a complaint or send feedback
  • Pay Bills
  • Value-added services

GhanaPay transaction limits are based on the user’s information provided during KYC onboarding processing. There are three levels, namely – Low, Medium, and High. Users with more personal information are placed on a high transaction level. Users can access the service by dialing the *707# or using their GhanaPay app.

GhanaPay is a service by Ghana Interbank Payment and Settlement Systems Limited ( GhiPSS), a wholly-owned Central Bank of Ghana entity in partnership with the Ghana Association of Banks (GAB). Based on the Bank of Ghana’s involvement, it is unclear how GhanaPay will compete with traditional mobile money services providers that are Mobile Network Operators in a regulatory context.



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