GhanaPay Unveils New Savings Wallet Feature with Competitive Interest Rates

GhanaPay Unveils New Savings Wallet Feature with Competitive Interest Rates

By Staff Writer, 04 April 2024

GhanaPay mobile money users now have access to a new savings wallet feature, offering attractive monthly interest rates, announced officials from the Ghana Interbank Payment and Settlement Systems (GhIPSS).

This enhancement, known as "MyGhanaPay Savings," aims to promote financial empowerment and responsible saving habits among customers.

The MyGhanaPay Savings feature enables users to transfer funds from their primary wallet to a dedicated savings account within the GhanaPay platform.

Designed to encourage saving for emergencies and future financial goals, the savings wallet imposes restrictions on direct spending.

Users must transfer funds back to their main account to access them, reducing the temptation to deplete savings.

Accessible through the GhanaPay mobile app or USSD service, the savings wallet offers competitive monthly interest rates of up to 2.5% or more, depending on the user's bank.

This interest is in addition to the quarterly interest earned on the main wallet, making it a compelling option compared to other mobile money services available in Ghana.

Samuel Darko, Head of the GhanaPay Mobile Money Unit at GhIPSS, emphasized that all GhanaPay mobile money bank partners support the savings wallet functionality, ensuring widespread accessibility for customers.

Darko highlighted the advantage of the savings wallet, noting that while the main wallet earns a quarterly interest of 1.5%, the savings wallet accrues monthly interest at rates of up to 2.5% or higher, depending on the bank affiliation.

The introduction of the savings wallet underscores GhanaPay's commitment to providing innovative financial solutions that cater to the evolving needs of its users.

With this feature, GhanaPay aims to promote a culture of saving and financial security among mobile money users across the country.

Source: Business & Financial Times

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