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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.

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.

The Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS) recently hosted a seven-member delegation from the Central Bank of Kenya on a study tour aimed at exploring how Ghana has modernised its payment systems. Led by Mr Gerald Nyaoma, the Deputy Governor of the Central Bank of Kenya, the team visited Ghana from 17th to 21st March 2025, spending time at the Bank of Ghana and GhIPSS to learn about innovations that have transformed electronic payments in the country.

Under the leadership of Mr Archie Hesse, GhIPSS has rolled out multiple electronic payment systems that have significantly reduced Ghana's reliance on cash transactions. These include the introduction of Near Real-Time Payments on the clearing platform, Ghana’s instant payment system (GIP), Mobile Money Interoperability (MMI), GhQR, the GhanaPay mobile money service, and other services that have enhanced convenience and financial inclusion.

As part of the study tour, GhIPSS exchanged knowledge on Ghana’s interoperability journey, the operations of the instant payment system, the governance and ownership of instant payment platforms, and the collaborative efforts with partner banks on GhanaPay implementation and usage. The discussions provided insights into how Ghana’s payment system functions and the key factors driving its success.

Kenya, a pioneer in mobile money through platforms like M-Pesa, has a robust mobile money ecosystem. However, Ghana is one of the leaders in terms of the diversification of payment platforms.

Ghana's strides in payment interoperability, which allow seamless transactions across different mobile networks and financial institutions, offer valuable lessons for Kenya. The visit presented an opportunity for both nations to exchange ideas on improving their payment ecosystems and responding to the evolving needs of their populations.

The exchange of knowledge between Ghana and Kenya in payment systems development holds numerous benefits for both countries. Enhanced payment systems boost financial inclusion, economic growth, and digital innovation. By adopting best practices from Ghana, Kenya can further improve the reach and efficiency of its payment platforms, ensuring that more people can access secure, convenient, and affordable financial services.

In a statement, Mr Archie Hesse, the CEO of GhIPSS, highlighted the mutual benefits of the exchange: "We are thrilled to host the Kenyan delegation and engage in meaningful discussions about advancing payment systems across our countries. The collaboration between Ghana and Kenya offers a unique opportunity to explore how we can build more robust, diversified, and interoperable payment ecosystems to serve the evolving needs of our populations."

The shared knowledge and insights will undoubtedly influence future policies and innovations, helping both nations remain at the forefront of the ongoing digital transformation of Africa’s financial sector.