GHANAIAN payment solutions provider, Express Pay has launched the first interbank and mobile cash instant money transfer service in Ghana.
Dubbed “Bank Direct”, the service enables consumers to instantly send and receive money into their bank accounts from any Visa cardholder or mobile money wallet.
The initiative is the result of local innovation and global capability with the international payments gateway giant, Visa lending its full support in collaboration with local banks in Ghana.
Speaking at the launch of the service, the General; Manager for Visa West Africa, Ade Ashaye revealed the development makes Ghana the first country in sub-Saharan Africa where instant money transfer service on the Visa platform has been introduced.
“Being the best way to pay and be paid by anyone anywhere and everywhere, that’s what we’re trying to achieve with partners like Express Pay – creating solutions like Bank Direct based on platforms like Visa Direct, that’s how we’re going to get there.
“So I’ll just like to congratulate Ghana, for making strides in electronic payments and congratulate Express Pay for being the first Visa certified technical partner in the whole sub-Saharan Africa. That is, the first technical partner to create a solution on visa direct and congratulations for the launch of Bank direct. This is going to be the first of many innovations you will see from Visa and our partners Express Pay and the banks in the industry” he noted.
Funds transferred via the Bank Direct service will be deposited directly into the recipients’ bank account and can be accessed through branded point-of-sale terminals, ATMs and e-commerce merchants as well as other banking channels such as online banking, mobile banking, agents and branches.
CEO of Express-Pay, Curtis Vanderpuije said “This is a new product on the express pay platform that makes it very easy for consumers to move money from one bank account to any another bank account in Ghana or move money from a mobile money network to any bank account.
“We are pleased to be the first in sub-Saharan Africa to launch this product that allows instant transfers across bank accounts. Now with bank direct, if I’m waiting for the funds and I need the funds instantly, I can get it and I can then transact with the funds. This means we are going to see more transactions” he explained.
The second Deputy Governor of the Bank of Ghana (BoG), Dr Johnson Asiamah also described the service as a key milestone in the country’s bid to encourage electronic financial transactions as opposed to the use of physical cash. He also announced plans by the Central Bank to revise regulations for Mobile Cash transactions in the country.
Tanzania to issue telcos with separate licences for mobile money platforms
TANZANIA becomes the first country in East Africa to require a curtain wall between money transfer and mobile phone services. There are six mobile phone operators including Bharti Airtel whose mobile money platform is Airtel Money, Tigo (Tigo Pesa), Vodacom (M-Pesa), Zantel (Z-Pesa), latest entrant Halotel (V Money), and Smart Tanzania, which has not ventured into the mobile money business yet.
The unbundling of mobile money from telephone companies is expected to come into effect from next year, after telcos filed applications to form new subsidiaries to comply with a July 1 ultimatum issued by the Bank of Tanzania.
The laws require a payment system provider that is not a bank or a financial institution, to establish a separate legal entity to manage electronic payment accounts. The subsidiary is then required to set up a trust.
Tanzania becomes the first country globally to achieve wallet-to-wallet interoperability, which is the transfer of money between all mobile operators.