Ghana: MoneyGram partners ADB to launch cash account. (image source: Jing Travel)
MoneyGram has announced a partnership with Ghana's Agricultural Development Bank (ADB) and the Ghana Interbank Payment and Settlement Systems (GhIPPS) to launch the MoneyGram cash account in the country. This partnership will allow Ghanaians abroad the opportunity to send money directly to their individual accounts in Ghana. It aims to expand financial inclusion for customers to access their funds through banking halls, ATMs and mobile wallets.
Funds from over 200 countries can be sent via MoneyGram online or at any MoneyGram agent to hit the bank accounts of ADB customers within minutes.
Maxwell Opoku Afari, Deputy Governor of the Bank of Ghana announced that his outfit was working with stakeholders to institute cyber registration operation to fight cybercrime in the banking industry.
He said although they were bent on promoting a cash-lite economy to bring financial inclusion on the doorsteps of Ghanaians, ample time would also be devoted to fighting crime to allow the system to flourish.
According to MoneyGram, the objective of the product is to make it convenient for beneficiaries to access funds at their convenience either in the banking hall, ATM or by transferring it to mobile wallet from account and can protect funds of beneficiaries. The product will also promote and deepen banking culture in Ghana with non-banking holders encouraged to open-account to receive regular inflows from relatives.
Regional Head, Anglophone West Africa, for MoneyGram, Patrick Appiah revealed that the new system will protect funds of customers.
“In terms of protection, there are lots of regulations that ensure that monies are safe and MoneyGram itself has a robust system which we have been using for decades now, so, when it comes to security, it’s not new to us, it is something we do on a daily basis and this one will not be an exception. Customers’ funds are even more secure with this product that we have launched”, Appiah noted.
The cash-to-account direct product is expected to be replicated by other banks in the country.
Edited by Fundisiwe Maseko
Follow Fundisiwe Maseko on Twitter
Follow IT News Africa on Twitter