G-Money is a digital money that has been accepted worldwide by most businesses and ventures. These businesses have come to realize the benefits of using G-Money and have accepted its transactions in good faith. Here’s an overview of services and charges related to G-Money transactions.
Mobile money is the common form of Digital currency in Ghana. This is available to almost everybody including traders, students, government workers and even private sector workers. In one way or the other, it becomes part of their contracts as Ghanaians.
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G money Overview
Luckily, there are various Mobile Money Services Providers all Ghanaians can choose from. It just depends on which one of them you are a fan of and which one the recipient uses. Factors of services, for example, charges on transactions and usage points mostly counts.
This explains why certain Mobile Money Services Providers have more customers than others. This article is mainly about the introduction of GCB’s Mobile Money service (G-Money) and its terms and conditions as well as its charges and
the services they render.
G Money is rated the leading as compared to other mobile money service charges in Ghana.
On the market, G-money has the top Interoperability, Peer to Peer and withdrawal charges as well, available presently.
Charges on Peer To Peer Services Charges on sending money below GHS 1,000 to any mobile money account in Ghana is GHS 0.50p. Disregarding the amount, as far as it is
below GHS 1,000.00, you are charged a flat fee of 50 pesewas.
For sending money above GHS 1,000.00 you are charged only GHS 1.00 i.e in G-Money. Meanwhile other mobile money renderers charge at least GHS 1.00 on every GHS 100.00.
Interoperability Fees on G-Money
Interoperability is a new policy introduced by the government of Ghana. And it basically allows the transaction of mobile money services amongst all mobile money renderers in Ghana.
Certainly, there is a condition to it. These inter-network mobile money transact charges are mostly high. Some charges are as high as GHS 3 on every GHS 100.00 operation.
Talking of which G Money has come to help settle this condition at better interoperability charges.
This G money platform charges a rate of GHS 10.00 on all transactions from GHS 1,000.00 and above and 1% on all transactions below GHS 1,000.00 for all inter-network transactions.
As far as G Money withdrawals are concerned, G Money charges 1% on all transactions above 50 GHS and charges between 10 pesewas and 50 pesewas on transactions between 10 GHS and 50 GHS.
Since this is the first mobile money service to be introduced by a Bank, G Money renders a large range of services. And it also comes with a very
flexible usage as well.
Some of the services offered by the G-money platform are listed below
- Airtime recharge.
- Bill payments
- Group contribution accounts
- And many more.
G-Money, The Mobile Money Service With The Best Rates On The Market
G-Money, Ghana’s first bank-led mobile money service, has overtaken all its competitors to become the mobile money service with the best rates in the industry.
Following a comparative analysis of the rates between G Money and the three other mobile money service providers in Ghana, G Money currently stands tall with the best Peer to Peer (P2P), Cash Out and Mobile Money Interoperability (MMI) rates on the market.
GCB Bank has the goal of becoming the leading financial services provider in Ghana and beyond through a commitment to superior service and best practice. The Bank is committed to maintaining its position as the leading bank in Ghana and plans to continue competing with the telecom players in the mobile money space with its unbeatable rates.
The comparative analysis of the daily transaction tariffs are as follows:
Peer to Peer (P2P)
G-Money has the lowest P2P rate of 50pesewas which is a flat fee for all transactions below 999.99 cedis. G-money also charges a flat fee of 1 cedi for transactions worth 1,000 cedis and above while other competitors charge as much as 10 cedis per transaction. Banks in India: List of Top 10 Largest Banks in India, all Public and Private Sector
Mobile Money Interoperability (MMI)
Interoperability is the system which allows customers to send money through G-Money to other networks and vice versa. G Money has the best MMI rates across all its pricing categories which makes it affordable to the consumer. While other mobile money service providers charge as much as 15 cedis for transactions worth 1000.01 cedis and above, G money charges a flat fee of 10 cedis. For transactions below 1000 cedis, G-Money charges as low as 1% for the transaction
Speaking on G-Money’s unbeatable rates, The MD, Mr. Ray Sowah stated the reason behind the Bank’s rates;
“The rationale behind our unbeatable rates is to encourage our customers and all Ghanaians to go cashless with G-money and limit their exposure to bank notes to promote both digital financial inclusion and avoid physical contact in this COVID-19 season”- he stated.
In January, GCB Bank launched G-Money, a mobile money service which allows individuals and businesses to store and make transactions on their phones and other personal digital assistant devices (PDA). This service is part of GCB Bank’s commitment to drive financial inclusion as part of its strategic objectives.
The introduction of G Money is part of GCB Bank’s commitment to increase the number of digital services available to its loyal customers. The service is also expected to further propel Ghana’s interoperability system initiated by the Government.
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