Rural banks in Ghana are increasingly adopting the GhanaPay platform developed by the Ghana Interbank Payment and Settlement Systems (GhIPSS) to enhance digital financial transactions, particularly in rural communities. Launched in June 2022, GhanaPay allows users to register for mobile money services and choose their preferred financial institution to set up a digital wallet. With this wallet, customers can make payments, send money, and receive funds, helping rural banks retain their customer base and offer services on par with urban commercial banks.
Before the introduction of GhanaPay, customers in rural areas faced challenges in accessing banking services, especially when they were outside their local regions. The adoption of GhanaPay has alleviated these issues, as it enables customers to perform banking transactions regardless of their location. For instance, customers like Linda Manu from Amantin Kasei Community Rural Bank and Akosua, a satisfied user from the Bono Region, can now access their accounts even when traveling outside their local areas.
The integration of digital payment platforms like GhanaPay is crucial for the financial inclusion of remote communities. It has allowed rural banks to offer seamless banking experiences and compete with larger commercial banks. The transition has been well-received, with several users, including Bright Ampaabeng from Dormaa Akwamu, praising the platform’s convenience, such as the ability to transfer funds without needing to travel long distances. However, some users have reported challenges with connectivity and occasional system downtime, which are being addressed through ongoing improvements.
In regions like Bono and Ahafo, the introduction of GhanaPay has helped rural banks expand their customer base and improve the quality of their services. Suzan Boateng, the Regional Manager for ARB Apex Bank in these regions, noted that GhanaPay has boosted financial inclusion, allowing customers to perform transactions anywhere. Despite some challenges, such as insufficient awareness and connectivity issues, GhIPSS and the banks are working to improve the platform’s efficiency and reach. The move toward digital banking is clearly strengthening rural banks’ competitiveness and customer satisfaction.
SOURCE: CITI NEWSROOM