Users of the GhanaPay mobile money service can now enjoy the benefits of a savings wallet, which offers attractive monthly interest rates. This development follows the successful implementation of the GhanaPay savings wallet, as disclosed by the officials of the Ghana Interbank Payment and Settlement Systems (GhIPSS).
Dubbed "MyGhanaPay Savings," this value-added feature on GhanaPay mobile money allows customers to transfer funds from their main wallet into a dedicated savings account within the GhanaPay mobile money platform. The primary aim of MyGhanaPay Savings is to empower users to save for emergencies and other future financial needs. The savings wallet is designed to prevent direct spending, requiring users to transfer funds back to their main GhanaPay account to access them, thereby reducing the temptation to deplete savings.
Customers can transfer funds to their savings wallet using either the GhanaPay mobile app or USSD service. The savings wallet offers monthly interest rates of up to 2.5% or more, depending on the user’s bank. This interest is separate from the quarterly interest paid to the main wallet, making it a superior option compared to other mobile money services in Ghana.
Samuel Darko, Head of the GhanaPay Mobile Money Unit at GhIPSS, stated in an interview that all GhanaPay mobile money bank partners offer the savings wallet functionality, ensuring that customers can benefit regardless of their bank affiliation. He explained that “while the main wallet earns only 1.5% interest quarterly, the savings wallet accrues interest monthly at rates of up to 2.5% or more, depending on the bank”.
Mr. Darko emphasized that introducing the savings wallet is aimed at simplifying the saving process for customers by segregating funds into a dedicated account, making it effective for them to achieve their financial goals.
GhanaPay mobile money service, offered by universal banks, rural banks, and savings and loans companies, combines mobile money features with banking services. Accessible via USSD (707) or the GhanaPay App, available on the Google Play Store and iOS App Store, the service brings banking convenience to mobile devices. The addition of the savings wallet enhances GhanaPay's contribution to deepening financial inclusion and boosting domestic savings in Ghana.