GhanaPay Mobile Money, a bank-led digital financial service, has abolished transfer fees for its users following the government’s discontinuation of the Electronic Transfer Levy (E-Levy).
The move positions the platform as a cost-effective alternative for individuals and businesses seeking to minimize transaction costs in Ghana’s evolving digital payments landscape.
Developed through a partnership between Ghanaian banks and the Ghana Interbank Payment and Settlement Systems (GhIPSS), GhanaPay merges mobile money accessibility with the security of traditional banking. Its no-fee structure, now possible after the E-Levy’s removal, is expected to attract users prioritizing affordability and reliability.
Beyond free transfers, the platform offers a suite of financial tools, including high-yield savings wallets that accrue interest, automated bill payments via standing instructions, and crowdfunding options for education, healthcare, or emergencies. A “Sponsored Wallet” feature allows sponsors to allocate funds with spending limits for beneficiaries, while integrated services like electricity bill payments and airtime purchases aim to consolidate everyday financial tasks into one interface.
Samuel Darko, Head of GhanaPay at GhIPSS, highlighted plans to expand the platform’s functionality, emphasizing its role in advancing Ghana’s cash-lite economy. “Users no longer need to choose between mobile money and banking—they get both,” he said, underscoring the service’s dual appeal. The platform is particularly geared toward students, small businesses, and organizations requiring traceable, fee-free transactions.
GhanaPay’s shift to zero-cost transfers aligns with broader efforts to enhance digital financial inclusion in Ghana. As mobile money adoption grows, such innovations address longstanding barriers to access, particularly for underserved populations. By eliminating fees and integrating diverse services, the platform not only responds to immediate consumer needs but also reflects a strategic push to embed digital solutions into the core of Ghana’s economic activities.
This development signals a competitive turning point in Ghana’s fintech sector, where user retention increasingly hinges on affordability and multifunctional offerings. With financial institutions nationwide prioritizing digital transformation, GhanaPay’s model may set a precedent for blending cost efficiency with comprehensive service delivery.
Source: News Ghana / Digpu NewsTex