Ghana has received its own digital wallet solution called ‘GhanaPay’ aimed at improving the country’s financial services sector.
Launched by the Bank of Ghana, the solution is open for distribution across a variety of finance providers such as banks, lenders, and savings and loans companies. Adopting the ‘ready-to-go’ offering would alleviate additional costs of developing and testing other methods.
Ernest Addison, Bank of Ghana Governor, commented: “GhanaPay seeks to address some of the challenges associated with the current bank centric models by providing an open application that leverages on network infrastructure of the entire banking industry.
“The introduction of GhanaPay complements the measures to accelerate Ghana’s migration to electronic payments and we encourage the banking sector to collaborate and further explore more pioneering ways to attain greater efficiency in the payments ecosystem.”
Addison also added that he considers GhanaPay to be the successor of the GhlPSS Instant Pay service, which has made immense contributions to the development of the electronic payments landscape in the country.
It marks the continued embracing of the digitalisation of payments from the Bank of Ghana, which has also supported the elevated cashless space in the region. Furthermore, it also underpins the popularity of digital currencies within Africa, as the region has adopted new and alternative payment methods.