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Ghana first country in the world to implement Bank-wide Momo service – Bawumia

Vice President Dr Mahamudu Bawumia on Wednesday, 15 June 2022 sent off the GhanaPay portable cash administration, the principal extensive versatile cash administration by all inclusive banks, provincial banks, as well as reserve funds and credits organizations to people and organizations.

The help, which works like the current portable cash administration, likewise has extra financial administrations, and is opened to everybody with admittance to a cell phone, regardless of a customary ledger.



Dr Bawumia described it as another groundbreaking initiative, “which further expands our government’s vision for financial inclusion, especially to the unbanked population through digital banking.”

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He unveiled that Ghana turns into the main country on the planet that has carried out an all inclusive versatile cash administration.


To this end, he saluted the Central Bank, the Ghana Association of Bankers, GhIPSS and any remaining partners for the cooperative work to make this conceivable.



For his part. Bank of Ghana Governor Ernest Addison said the launch of the GhanaPay mobile wallet, “marks yet another milestone in the digitisation of the financial system”.

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Speaking at the launch, Dr Addison said: “Banks in Ghana are re-inventing themselves and have continued to respond positively to the competitive nature of the payment systems, characterised by increased consumer preferences for convenience and frictionless payment options”.


“This collaborative effort of a common electronic wallet would enable economies of scale through pooling of resources. By establishing this common GhanaPay mobile wallet, the cost of testing any new technology for each bank is reduced and allows new ways of doing business. Indeed, this is an exciting development for Ghana’s payment systems landscape and demonstrates how collaboration with the banking sector can proffer solutions for the transformation and deepening of the payments ecosystem”.

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Source: Otixpres.com

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