Clara Arthur, CEO of Ghana Interbank Payments and Settlements Systems (GhIPSS), has revealed plans to collaborate with the Bank of Ghana and the Ghana Association of Bankers (GAB) to redefine the GhanaPay mobile wallet and ensure it fulfils its intended purpose. Speaking in an exclusive interview with Techfocus24 on the sidelines of the State of Inclusive Instant Payment Systems (SIIPS) Africa 2025 Report in Eswatini, Arthur emphasised the importance of coordinated efforts to boost the wallet’s adoption.
GhanaPay, developed by GhIPSS in collaboration with Ghana’s 24 commercial banks, is unique in offering completely free transfers to all wallets and bank accounts nationwide. Unlike telco-owned wallets, the cash float in GhanaPay remains within the banking system, allowing banks to invest funds and generate profits. This structure enables the wallet to remain free for users while paying interest on account balances, offering several financial advantages over competing mobile money services.
Despite these benefits, GhanaPay has struggled to gain significant traction in Ghana’s mobile money ecosystem, overshadowed by dominant telco wallets such as MTN MoMo, which charge fees for transfers. Arthur acknowledged that the wallet’s concept is strong, but its execution has been a challenge, limiting its impact and visibility.
“I am currently working on a paper to be presented to the Governor of the Central Bank on what we need to do with GhanaPay,” Arthur said. “We are also engaging the banks through the Ghana Association of Bankers to ensure that whatever modification is required to make GhanaPay deliver on its promise is done.”
Arthur stressed that the intentional collaborative efforts underway aim to strengthen GhanaPay’s operational effectiveness and user adoption. She assured the public that, with time, the wallet will begin to perform as originally intended.
“Give us a bit of time and you will see GhanaPay bouncing back and doing exactly what it was designed to do,” she added, highlighting the commitment to making GhanaPay a cornerstone of Ghana’s digital payment landscape.
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