MyGhanaPay Savings endeavors to empower individuals to set aside funds for emergencies and future financial endeavors.
Customers utilizing the GhanaPay mobile money service can now access a savings wallet with enticing monthly interest rates.
This progress comes after the effective launch of the GhanaPay savings wallet, as announced by officials from 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.
MyGhanaPay Savings is dedicated to empowering users to save for emergencies and future financial needs. The savings wallet is designed to discourage direct spending by requiring users to transfer funds back to their main GhanaPay account to access them, thereby reducing the temptation to deplete savings.
Customers have the option to transfer funds to their savings wallet through either the GhanaPay mobile app or USSD service. With monthly interest rates of up to 2.5% or more, depending on the user’s bank, this savings feature stands out from other mobile money services in Ghana. This interest is distinct from the quarterly interest paid to the main wallet, making it a superior option.
Samuel Darko, Head of the GhanaPay Mobile Money Unit at GhIPSS, highlighted in an interview that all GhanaPay mobile money bank partners offer the savings wallet functionality. This ensures 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 underscored that the introduction of the savings wallet aims to streamline the saving process for customers by separating funds into a dedicated account, facilitating their progress towards financial objectives.
The GhanaPay mobile money service, provided by universal banks, rural banks, and savings and loans companies, merges mobile money functionalities with banking services.
Accessible through USSD (707) or the GhanaPay App, downloadable from the Google Play Store and iOS App Store, the service extends banking convenience to mobile devices. The incorporation of the savings wallet further enriches GhanaPay’s role in advancing financial inclusion and fostering domestic savings in Ghana.