The Bank of Ghana has launched GhanaPay, a common mobile wallet open to the country's financial services sector.
The wallet is open to banks, savings and loans companies and rural and community lenders, enabling the industry to pool resources and reduce the cost of developing and testing new t
technologies.
Launching the service, Bank of Ghana governor Ernest Addison says 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".
Addison says that the new wallet will help to expand the use of electronic payments, building on the success of the GhIPSS Instant Pay service over the last decade.
Concludes Addison: "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."