GCB Bank in January this year, 2020, launched the G-Money Mobile Wallet; an industry-first product that drew lots of attention on social media. G-Money, which is a fully interoperable service, is aimed at facilitating the sending and receiving of funds — from any of the mobile money wallets, or bank accounts by registered users — is part of the bank’s digital transformation agenda.
However, the regular person would be moved to ask what the product is all about. And as there are other service providers offering something of the sort, what makes this particular one special? In this article, we’ll learn more about GCB’s G-Money mobile wallet service — including the features and what makes it tick; in comparison to the other mobile money platforms currently existing.
What is G-Money Mobile Wallet?
G-Money is a digital wallet operated by GCB Bank (formerly the Ghana Commercial Bank). With this wallet, you can transfer funds to receivers across e-wallet platforms, purchase mobile airtime at no additional cost to you, make utility bill and school tuition fee payments. In addition, you can link your personal bank account to the wallet in order to perform wallet to bank, and bank to wallet transactions.
The service offers users, especially business owners, the convenience they need as customers can pay directly into their linked bank accounts right from their mobile money wallets.
Features of G-Money
There’s quite a number of things you can do using G-Money mobile wallet. With a few already listed previously, here is the complete list of things you can conveniently use the platform for.
1. Banking services
This is of interest mostly to business owners and merchants who would love to receive payments directly into business accounts for easier tracking. You can link your mobile wallet and your bank account together to enable mobile wallet to bank account transactions, and vice versa.
You can unlink the wallet from your bank account at any time, and it won’t affect you receiving deposits to the bank from clients and customers.
2. Payment of bills
Whether in a supermarket or a major shopping mall, you can pay for services using your G-Money wallet. Utility bills such as water and electricity, as well as subscription services such as DSTV and the like, can conveniently be paid for using the wallet.
3. Transfer funds and buy airtime
You can make money transfers to anyone — be they a G Money mobile wallet user or a subscriber to another service. The service seamlessly gets your funds sent wherever you need them to be.
Also, you can use your wallet to buy airtime for yourself or others at any time of the day. The good thing about this is that you don’t get charged for making airtime purchases.
Using the platform’s app allows you to create groups for collecting contributions for any cause, or basically, fundraising.
What makes G-Money mobile wallet unique?
While the wallet shares some features, such as bill paying and airtime purchasing, etc., with other platforms of a similar nature, what truly sets it apart is its accessibility. It is the only one of such platforms operating a standalone agent service — much like the telco-run mobile money services — for cash in and cash out purposes.
That aside, users are able to make transactions via the bank’s mobile banking application, point of sale devices, as well as Automated Teller Machines (ATMs).
To get on the G-Money wallet platform, dial *422# on your mobile phone and hit ‘send’. You’ll be presented with the welcome dialogue as seen below. If you’re not registered on the GCB platform, you’ll be prompted to visit your nearest GCB branch or G-Money agent as seen.
If you’re already registered on the GCB platform then, the video below is for you.
The service can be accessed across multiple channels such as USSD, GCB’s mobile banking applications, ATMs, point of sale devices, and agents.
The USSD feature means the service can be equally accessed by non-smart phone users — thereby making it open for all persons to benefit from the service.
It’s commendable the gains being made within Ghana’s fintech sector, in order to make our society a lot less dependent on banknotes and other forms of physical cash. With the advent of communicable diseases such as the nouvelle COVID-19 coronavirus, it’s only a matter of time before it becomes generally accepted that cashless transactions are the way forward.
The addition of G-Money to the existing payment platforms is a step in the right direction and also, it serves as a strong indication of GCB Bank’s intentions to usher itself into a new era where financial transactions are fully digitized. What’s in store? I can’t tell. However, it’s an interesting future we’d all be looking forward to.