G-Money, the mobile wallet service of GCB Bank Plc., has achieved significant growth in customers – further surpassing the two million mark as the company now shifts focus toward collaboration and innovation within the financial sector.
In an exclusive interview at The Money Summit 2023, under the theme ‘Africa’s robust financial sector: The catalyst for sustainable economic growth’, Mr. Kofi Adomakoh, Managing Director-GCB Bank Plc., shared insights into G-Money’s growth, strategic direction, and the collaboration between traditional banks and fintech companies.
“With G-Money we have a huge customer base across the country, so it’s a huge space to team up with fintechs that have the capacity and technology already available to take advantage of delivering services to our customers,” Mr. Adomakoh stated. “It is through the Fintechs, the technology that they present, that we are able to collaborate in delivering improved and more convenient services to our customers. It has become the order of the day in the retail space.”
Highlighting G-Money’s potential, Mr. Adomakoh emphasised the importance of identifying areas wherein the service can add value. “We’ve used G-Money to make LBC Cocoa payments. We’ve used G-Money for enumerators during the national census. We’re working with people to use G-Money to address payments for electricity in other parts of the country, and there are many other things G-Money should have the capability to do. It’s growing, it’s the future.”
Recognising the unique position of banks and their large customer bases, Mr. Adomakoh stressed the importance of partnering with fintech companies that possess the necessary technology and expertise to deliver services effectively. “Fintechs don’t have our customers, and we want to reach our customers with different services and different products. By collaborating with fintechs, we can provide our customers with convenient, cost-effective services,” he added.
As G-Money transitions from being nurtured within the bank to operating as a separate entity, Mr. Adomakoh expressed optimism about its future, saying: “It’s in the bank’s interest to take it out and let it run its own life, so you’ll be hearing of G-Money and the company that houses it. You’ll be hearing more of it in the coming weeks and months,” he stated.
Addressing the regulatory challenges, Mr. Adomakoh highlighted the importance of striking the right balance between regulations and fostering innovation. “Once you bring fintech into your operation, you’ve built an ecosystem; and the risks surrounding that ecosystem can only be brought in by yourself or the fintech. So, it is important to have the type of regulation that enables banks to work with fintech within the confines of a fair shake,” he emphasised.
Assuring customers of G-Money’s commitment to delivering more than just lending services, Mr. Adomakoh mentioned: “More than lending, you’ll see G-Money do things much, much more than lending. We are listening to our customers. We are listening to the people of Ghana. We are here for the long run.”
As G-Money continues to grow and adapt, GCB Bank Plc. remains determined to meet the ever-changing demands of its customers and contribute to expansion of Ghana’s financial sector. With a focus on collaboration, innovation and customer-centric services, G-Money is poised to establish itself as a significant player in the evolving financial landscape.