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Parents and individuals looking to provide financial support in a controlled manner can now benefit from the new GhanaPay mobile money feature called the Sponsored Wallet Service.

With the Sponsored Wallet, GhanaPay mobile money users can allocate a specific amount of money from their GhanaPay wallet to a chosen beneficiary. This allows the beneficiary to spend the allocated funds directly on his or her phone without the need for a transfer. The sponsor determines the amount and spending duration, with options to set daily or monthly limits on expenditures. Sponsors can also beneficiaries from their list at any time. Importantly, there are no transfer charges for using this service. Transaction details are accessible through SMS alerts and wallet statements, allowing sponsors to monitor spending.

For a beneficiary to access the Sponsored Wallet, they must also have a GhanaPay wallet. This feature enhances the utility of GhanaPay mobile money, making it particularly useful for parents who wish to remit funds to their wards while preventing misuse of the money.

Samuel Darko, Head of GhanaPay at Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS), explained that the Sponsored Wallet service offers significant flexibility to GhanaPay users, allowing them to remit specific individuals without incurring transfer charges. "The beauty is that, as the sponsor, you can delete or replace the beneficiary at any time. You can also reduce or increase the daily or monthly spend amount, and more importantly, you receive SMS alerts any time the beneficiary undertakes a transaction," he said.

Mr. Darko encouraged the public to sign up for the Sponsored Wallet service to save on costs and time associated with regular remittances.
GhanaPay, a mobile money service provided by universal banks, rural banks, and savings and loans companies, combines mobile money features with banking services. The service can be accessed via USSD code *707# or through the GhanaPay App, available on both Google Play Store and iOS App Store, bringing banking convenience to mobile devices.

GhanaPay has other services such as Standing Instructions, Crowdfunding, Payments to merchants and bill payments, all accessible on mobile phones.

Pooling resources for various campaigns has become significantly easier with the introduction of the GhanaPay Crowdfunding feature. This service provides a transparent way to pool resources/funds for projects with audit trails that ensure every pesewa raised can be accounted for.

The Crowdfunding feature on GhanaPay allows users to create or join groups aimed at pooling resources for a wide range of campaigns or projects, including personal, business, or charitable endeavours on the GhanaPay platform. Alumni associations, church groups, and other organizations can leverage this feature for fundraising and dues collections. GhanaPay customers can set up groups and launch campaigns by specifying project details, fundraising goals, approval policies, timelines, and then share the campaign link for contributions. There is no limit to the number of contributors per campaign.

Samuel Darko, Head of GhanaPay at Ghana Interbank Payment and Settlement Service (GhIPSS), explained that crowdfunding and various group fundraising activities have become common, but many people have shied away from these activities due to the lack of transparency in the fundraising process. The GhanaPay Crowdfunding service addresses this shortfall, he stressed.

“To participate, users must log into the GhanaPay app, navigate to 'Other Services,' choose 'Crowdfunding’, select a group or campaign, and follow the prompts to contribute,” Mr. Darko said. The service includes built-in systems to check abuses, with withdrawals requiring approval based on group administration policy. Members can also independently opt out of campaigns anytime by selecting the group in the app's Crowdfunding section and using the exit option.

Mr. Darko emphasised that GhanaPay is suitable for crowdfunding and will give contributors confidence to support campaigns run on the platform. GhanaPay is similar to regular mobile money services but is a shared service provided by universal banks, savings and loans institutions, and rural banks. These financial institutions leverage their expertise to offer services not available on other mobile money platforms, enabling GhanaPay customers to enjoy banking and mobile money services simultaneously.

Since its introduction, new features continue to be added to GhanaPay mobile money. These include Sponsored Wallet, Standing Instructions, Merchant Payments, Bill Payments, and a higher-yielding savings wallet in addition to regular mobile money services such as transfers and withdrawals. GhanaPay transactions do not attract charges except for the e-levy, which applies in some cases.