Across Ghana, the adoption of digital financial services is reshaping how individuals—particularly women—interact with money. The rise of mobile-to-account and account-to-mobile transactions is breaking down long-standing barriers to financial inclusion, enabling more women to participate in the formal banking system.
As the world marks International Women’s Day, it is worth examining how mobile banking solutions such as GhanaPay are creating new economic opportunities for women, allowing them to save, invest, and conduct business with greater ease.

From cash dependency to financial autonomy
For decades, many women in Ghana—especially those in the informal sector—have relied on cash transactions for business and household management. This reliance on cash has historically limited their ability to build financial histories, access credit, or leverage the security and growth opportunities that formal banking provides. Mobile banking services, however, are now bridging this gap, offering women the flexibility to move money seamlessly between mobile wallets and bank accounts.

GhanaPay, a bank-led mobile money service, is a prime example of this shift. Unlike telecom-driven mobile money solutions, GhanaPay directly links users to banks, allowing them to deposit and withdraw funds with minimal friction. More importantly, it eliminates service fees for transfers, making it a cost-effective alternative for women who manage tight household budgets or small-scale enterprises.

Access without barriers
One of the most significant obstacles to women’s financial inclusion has been the accessibility of banking services. Many women, particularly in rural areas, face challenges such as the distance to bank branches, lack of documentation, and cultural barriers that have historically excluded them from the formal financial sector.

GhanaPay and similar services address these challenges by allowing women to:

Register for a GhanaPay mobile money wallet using just a mobile phone number and a Ghana Card—linking it to any bank account.
Choose from multiple registration options, including self-registration via mobile app, enrollment at designated agents, or onboarding at bank branches.
Move money between their GhanaPay mobile money wallets and bank accounts seamlessly, enabling them to build savings and access financial services previously out of reach.This accessibility is particularly important for market traders, artisans, and micro-entrepreneurs—many of whom are women—who often operate on thin margins and need quick, low-cost financial solutions.

Beyond transactions – a gateway to financial growth
While Ghanapay mobile money has long provided a convenient way to send and receive payments, its real impact on women’s financial empowerment lies in the ability to transition from simple transactions to wealth-building tools. Mobile-to-account and account-to-mobile services are a critical component of this evolution.
By linking GhanaPay mobile money wallets to bank accounts, women gain access to:
Savings accounts: Unlike traditional mobile money balances, GhanaPay mobile money wallets earn interest on end-of-day balances, allowing women to grow their savings over time.

Business expansion: Entrepreneurs can use GhanaPay mobile banking to receive digital payments from customers, reducing reliance on cash and improving financial record-keeping.

Cost efficiency – a game-changer for women

One of the standout features of GhanaPay mobile money services is its cost efficiency. While many mobile money services charge transaction fees, GhanaPay enables free money transfers—except for mandatory e-levy deductions—removing a major cost barrier for users.
For women who engage in frequent transactions—whether sending school fees, paying for supplies, or distributing wages—these savings can be substantial over time. Additionally, the ability to move funds between GhanaPay mobile money wallet and a bank account without incurring charges encourages more women to maintain formal savings, rather than keeping cash in circulation.

Challenges to adoption
Despite the advantages of mobile banking, several challenges remain.
Digital literacy: Many women, particularly in rural areas, are still unfamiliar with mobile banking features.
Trust issues: Some women remain hesitant to transition from cash to digital platforms due to concerns about fraud and security.
To maximize adoption, financial institutions and policymakers must invest in targeted financial literacy programs to educate women about the safety, benefits, and functionality of GhanaPay mobile money banking services

Looking ahead – the future of women in digital finance
As mobile banking continues to evolve, its role in women’s financial empowerment will only grow. Services like GhanaPay are already shifting the narrative, offering women the tools to manage money more effectively, plan for the future, and integrate into the broader economy. However, achieving true financial inclusion requires a multi-pronged approach. Banks must continue to refine their services to meet the unique needs of women, while policymakers must ensure that regulations support digital finance expansion without creating unnecessary barriers.

This International Women’s Day, the focus must remain on financial access as a key driver of gender equality. Mobile-to-account and account-to-mobile banking solutions are not just about convenience—they are about creating a system where women, regardless of income level or location, have the power to control their financial destinies.

Conclusion
The shift from cash-based transactions to mobile banking represents more than just technological progress; it signifies a fundamental change in how women engage with financial systems. By integrating GhanaPay mobile money with formal banking, women in Ghana can transact, save, and invest with greater security and flexibility. As the digital finance landscape expands, ensuring that women are not just participants but active beneficiaries must remain a priority. The tools are in place—now, it is about ensuring access, building trust, and fostering the confidence for women to take full advantage of the financial opportunities ahead.

Launched in June 2022 through a partnership between the Ghana Association of Banks and the Ghana Interbank Payment and Settlement Systems (GhIPSS), GhanaPay Mobile Money is reshaping digital finance by allowing users to directly engage with banks via mobile wallets-even without a traditional bank account.

The platform's expansion into features like shared "sponsored wallets" for families and automated recurring payments underscores its push to simplify everyday financial tasks for Ghanaians.

As mobile money usage surges nationwide, security remains a top concern. GhanaPay has responded by embedding robust protections, including mandatory PIN or biometric verification for transactions, real-time fraud monitoring, and end-to-end encryption to shield data. These measures operate under the strict oversight of the Bank of Ghana, ensuring compliance with national financial regulations. Users can further customize transaction limits and rely on rigorous identity checks during registration, which collectively reduce risks of fraud—a critical advantage as cybercriminals refine their tactics.

Beyond security, GhanaPay distinguishes itself through affordability. Unlike competitors, it imposes no transaction fees beyond Ghana's mandatory e-levy, positioning it as an economical choice for frequent users and small businesses. The platform supports bill payments, merchant transactions, and seamless bank transfers, consolidating multiple financial needs into one interface.

Industry observers highlight GhanaPay's dual focus on security and accessibility as timely.
With digital payment fraud rising across Africa, its layered defenses offer a blueprint for regional peers. Meanwhile, the cost-saving structure could drive broader financial inclusion, particularly among unbanked populations leveraging mobile access.

While GhIPSS and partner banks continue refining anti-fraud strategies, analysts stress that user education remains vital. Customers must stay vigilant-safeguarding PINs and reporting suspicious activity-to fully leverage the platform's safeguards. As Ghana's digital economy grows, GhanaPay's blend of reliability and affordability may well set a new standard for mobile finance in West Africa.

GhanaPay Mobile Money service was introduced in June 2022 by the Ghana Association of Banks in collaboration with GhIPSS. This collaboration means that customers can register for GhanaPay Mobile Money and decide which financial institution they wish to own a wallet with.

Essentially, GhanaPay Mobile Money gives customers the opportunity to have a direct relationship with a bank as mobile money users. Anyone with access to a mobile phone in Ghana can register for a GhanaPay mobile money wallet, with or without a bank account.

The service has expanded its offerings to include a sponsored wallet service, allowing users to share funds with friends and family, and standing instructions, enabling users to automate recurring payments such as subscription renewals, among other financial services

As digital payments gain ground, security concerns have become a major priority with the rise in mobile money usage, fraudsters are constantly evolving new tactics to exploit vulnerabilities in digital financial services. However, GhanaPay has incorporated comprehensive security features that ensure its users’ transactions remain safe from unauthorized access and fraud.

Operating under the regulatory oversight of the Bank of Ghana, GhanaPay adheres to the highest financial security standards, providing a platform that Ghanaians can trust for their digital transactions. With a focus on user protection, GhanaPay guarantees peace of mind through its multi-layered security approach.

Key Security Features of GhanaPay Mobile money
GhanaPay mobile money operates under the strict supervision of the Bank of Ghana, ensuring that it meets the necessary financial security standards required to protect users.

Also, every transaction on GhanaPay mobile money requires a secure PIN or biometric authentication, reducing the risk of unauthorized access and potential fraud and also employs end-to-end encryption for all user transactions, ensuring that personal and financial data remains secure and cannot be intercepted by malicious actors.

The platform actively monitors user transactions for any unusual or suspicious activity. If something out of the ordinary is detected, GhanaPay sends immediate alerts to users, enabling swift action to prevent fraud and uses secured protocols to integrate with users’ bank accounts, ensuring that funds are transferred securely without compromising sensitive financial data.

GhanaPay Users can set personalized transaction limits, which helps minimize financial exposure in the event of account compromise. GhanaPay implements strict Know Your Customer (KYC) processes to verify user identity and prevent fraudulent account creation, further protecting the integrity of the platform.

While GhanaPay offers strong security features, stakeholders must play an active role in ensuring the safety of digital financial services. Banks and other financial institutions can further complement GhanaPay’s efforts by strengthening their own security measures, educating customers about digital safety, and working with GhIPSS to continuously improve fraud prevention strategies.

Cost-Effective Services for All
In addition to robust security, GhanaPay’s commitment to affordability sets it apart. Unlike other mobile money services that impose transaction fees, GhanaPay offers its services at no extra cost apart from the government-mandated e-levy.

This makes it an attractive option for individuals and businesses that frequently conduct mobile money transactions. GhanaPay is not just about sending and receiving money. The platform offers a broad range of services, including bill payments, merchant payments, and secure transfers to bank accounts all at no additional cost to the customer. This comprehensive suite of services makes GhanaPay a versatile and convenient solution for users looking to manage their financial transactions on a single platform.

The Ghana Interbank Payment and Settlement Systems (GhIPSS) has marked its continued commitment to community engagement by joining the Muslim community in Adabraka for an Iftar gathering during this year’s Ramadan.

Representatives from GhIPSS, including senior management, were warmly received by the local Muslim community in Adabraka as they hosted the evening meal, symbolizing a shared spirit of togetherness and solidarity during the holy month of Ramadan.

Speaking at the event, Mr. Kwadwo Ntim, the General Manager at GhIPSS, expressed the organization’s deep appreciation for the Muslim community’s unwavering support and the role they play in the growth of Ghana’s financial sector. “It is a privilege to stand with the Muslim community during this sacred period of fasting and prayer. We believe in the importance of fostering unity, inclusion, peace and goodwill, and this gathering represents our ongoing support for the spiritual and social practices of Ramadan,” he said.

He also highlighted GhIPSS’s commitment to corporate social responsibility, with initiatives such as this one being part of a broader effort to support local communities, especially during significant cultural and religious events.

The Iftar, which is shared after sunset to break the daily fast, was a meaningful occasion for mutual exchange and reflection. The members of the Adabraka Muslim community appreciated GhIPSS’s gesture, with many expressing gratitude for the support during such an important time.

Imam of Adabraka, Mallam Maafus who officiated the evening, expressed heartfelt thanks to GhIPSS for joining them in this special moment, reinforcing the values of peace, and harmony that Ramadan promotes.

The evening was a reminder of the importance of inter-community relations, inclusion, the spirit of giving, and the power of unity in Ghana’s diverse society.