MoneyGram partners ADB to innovate banking products
MoneyGram has partnered the Agricultural Development Bank (adb) to launch MoneyGram cash account in Ghana to give Ghanaians abroad the opportunity to send money directly to their individual accounts in Ghana.
The product is aimed at deepening the financial inclusion agenda of Ghana for customers to access their funds at the banking halls, ATMs and mobile wallets.
Speaking at the launch of the product, Dr Maxwell Opoku Afari, Deputy Governor of the Bank of Ghana stated 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.
The objective of the MoneyGram 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.
The MoneyGram product will also reduce the various risks associated with the cash pick-up process.
In order to ensure compliance, the maximum amount that could be received using the service is the Cedi equivalent of $8, 000.
Dr Afari said the Bank of Ghana was reviewing money transfer guidelines, which were currently at Cabinet level and believed its final approval would give better solutions to challenges confronting the industry.
Dr John Kofi Mensah, Managing Director of ADB said as a customer focused bank, the ADB would continue to introduce innovative banking products and services that would be useful to customers.
He said the bank recently launched Visa Classic Prepaid debit card which enabled customers and non-customers to use it at all Visa enabled ATMs and POS for shopping, making online payments among others.
He said the ADB was committed to ensuring that customers remained the best served with comprehensive financial service solution products and services to attract more of the unbanked population.
“ADB is glad to be a partner in this laudable initiative and remain optimistic that this new product being launched today will greatly attract more people to become customers of the bank.”
Mr John Gely, Head of MoneyGram, Africa said Ghana was the fifth largest remittance recipient market for MoneyGram and was therefore important in the marketing of the product.
He said the launch of the account deposit service was part of their strategy to provide customers with convenient and accessible technology-based financial services
He said funds from 200 countries and territories could be sent via MoneyGram, online or at any of their agent locations.
He commended the ADB project team, Ghana Interbank payment and Settlement Systems for their support into the integration of the interbank switch.