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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.

The Chief Executive Officer (CEO) of Ghana Interbank Payment and Settlement Systems (GhIPSS) Archie Hesse has once again been recognised with a prestigious award, this time as the Outstanding Digital Payment Technology CEO of the year. The Ghana Entrepreneurs Foundation bestowed this honour upon him, celebrating his exceptional leadership in guiding GhIPSS over nearly 12 years.

Under his stewardship, Mr. Hesse has spearheaded the remarkable evolution of GhIPSS, collaborating closely with both banks and non-bank financial institutions to introduce a range of electronic payment channels to the public. Among these innovations are Mobile Money Interoperability, GhQR, GhanaPay, and Direct Credit Near Real Time, among others.

Earlier this month, Mr. Hesse was also honoured with the Lifetime Achievement Award at the Ghana Fintech Awards 2023 for his outstanding contributions to digitalising payments and fostering financial inclusion. These recent accolades join a string of national and international awards he has received in recent years.
The Ghana Entrepreneurs & Corporate Executive Award, now in its 14th edition, aims to recognise and inspire the most successful and respected entrepreneurs and corporate executives in Ghana.

In response to the latest honour, Mr. Hesse remarked on Ghana's significant progress in reducing its unbanked population from around 70 percent to less than 30 percent in under two decades. He credited this achievement to the substantial modernisation efforts within the country's payment sector, highlighting the collaborative efforts of various institutions working with GhIPSS.

He also praised the leadership of the Bank of Ghana and its Governors for their trust in GhIPSS, a wholly owned subsidiary of the Central Bank, and for granting them the autonomy to innovate and excel.

However, Mr. Hesse emphasised that there is still more work to be done. He called upon all stakeholders to continue working closely with GhIPSS and other players in the payment ecosystem to solidify the gains made thus far.