GCB Bank introduces special tariffs, limits on G-Money

BY: Graphic Business
Mr Anselm Ransford Adzetey Sowah
Mr Anselm Ransford Adzetey Sowah

The GCB Bank has updated its tariff guide and wallet limit in accordance with a directive issued by the Monetary Policy Committee of the Bank of Ghana on March 18, 2020.

This directive is aimed at facilitating efficient payments to promote digital forms of payment for the next three months in the wake of the COVID-19 pandemic.

The special updated tariff will allow G-Money customers to send up to GH¢100 for free (excluding cash out), a release issued in Accra said.

This, it said, includes sending money to a recipient on G-Money or another network via the interoperability platform.

The bank has further reviewed some of its major limits to benefit its customers. The Head of Operations of the GCB Bank, Mr Charles Crabbe, outlined some of the adjustments which have been introduced in the special update.

“Customers will now pay as low as 50 pesewas to transact between GH¢100.01 and GH¢999.99 within the G-Money network. Transactions of GH¢1000 and above from one G-Money account to another have also been reduced to GHc1.00,” he said.

The bank has also increased the daily transaction limits for all its KYC accounts. The current limit for the minimum KYC account is GH¢1,000, while that of the enhanced KYC account is GH¢10,000.00.

Additionally, the GCB has introduced a limitless maximum account balance offer for both the medium KYC and Enhanced KYC Account holders.

“The rationale of these updated rates is to encourage our customers and all Ghanaians to go cashless with G-money and limit their exposure to bank notes in this less physical contact period”, he added.

G-Money launch

In January, the GCB Bank launched G-Money, a mobile money service which allows individuals and businesses to store and make transactions on their phones and other personal digital assistant devices (PDA). This service is part of the GCB Bank’s commitment to drive financial inclusion as part of its strategic objectives.

The introduction of G-Money is part of the GCB Bank’s mandate to increase the number of digital services available to its loyal customers.

The service is also expected to further propel Ghana’s interoperability system initiated by the government.