G-money is GCB Bank’s product for the rapidly growing Mobile money market in Ghana.

Launched in the early days of 2020, G-money is the best alternative Mobile money platform available in Ghana currently.

The G-money platform can be used to send and receive cash from all mobile money platforms available in the Country. It can also be used to pay bills and pay for subscriptions as well.

All banking services can be transacted on the G-money network and withdrawals can be done from G-money agents across the nation.

As such, it is important for us to know how to register for an account on the G-money platform and how to secure our accounts as well.

In this article, I shall lead you through the process of registering for a G-money account and the ways through which you can keep your account security on an ‘A’ level.

How To Register For a G-money Account

Registering for a G-money account is as simple as registering for any other Mobile Money service in Ghana currently.

The service is open to anyone with Ghanaian identity and a registered Mobile Simcard. It works on any kind of network so long as it is Ghanaian.

To register for the account, you need to follow the steps below:

Visit any registered G-money agent or any branch of GCB Bank with a valid Ghanaian photo ID. It could be a voter’s ID, passport, Driver’s License or National ID. You’ll also be required to provide your name in full, your date of birth, your digital address, a registered phone number and an email address.

Apart from the E-mail address, all other information mentioned above is very important and cannot be skipped in the registration process.

Once the registration is done, you’ll receive a text message from your mobile operator indicating that you’ve been registered on the service.

To access the account, you can dial *422#

How To Secure Your G-Money Account

Security is one thing we cannot joke with even in the least of all situations.

When it comes to money and financial issues, security is a topmost priority for most people.

This is not any different in the case of the G-money accounts. As an account holder and a subscriber to the platform, one needs to secure their account from security threats.

The key to your G-money wallet is your Personal Identification Number (PIN). This is the code you use to authorize all transactions in your account.

To secure your account completely, do the following:

1. Keep your PIN in your head only. Do not share with anyone except you are 100% sure that you can trust them.
2. Do not reply to any online survey asking you to enter your G-money PIN Code.
3. Do not save your G-Money PIN on your mobile phone.
4. Only authorize transactions you can actually confirm knowledge of.

Conclusion

The digitization of the world’s economy and the Ghanaian economy, in particular, is a forward trend which would only grow bigger and bigger by the days.

Meaning, subsequently, all forms of digital payments available now would evolve into even better payment systems which would meet the demands of the moment.

GCB Bank’s G-money is leading the pack for the new age of digital payments in Ghana.

As important as the G-money service is to Business owners and the general Ghanaian populace, it is also important for users to secure their accounts from criminals.

There have been several forms of criminal activities regarding the operation of Mobile Money services in Ghana. Most of which are fraudulent activities.

Majority of these can only be perpetrated when the person has access to your PIN.

I hope and believe that this article was instrumental in giving you all the security tips you need to know about your G-money wallet and how to register for an account as well.

If you have any comments, reservations or questions regarding this article, kindly leave them in the comment box below or get in touch with us.

Kindly do well to share the article with your friends and family.

Update: As at 22:01 GMT, MTN’s Mobile Money service seems to have been restored.

A lot of customers on MTN Ghana’s Mobile Money service have complained about the service being down for them. Those who are trying to receive money or send are unable to do so as of 21:55 GMT on Tuesday, 19th October 2021.

The MTN Mobile money outage was first reported to me via a friend around 21:32 GMT today. When using the usual *170# shortcode, I only receive some HTML responses.

However, one Twitter user @MSBawoni seem to have experienced issues as early as 19:15 GMT.

A lot of other users on social media platforms have also confirmed that they are having issues with MTN Mobile Money’s services.

See some of the reactions below:

Are the MTN mobile money services down or what?

— damba dedu$hka basha (@tuahirud) October 19, 2021

Ah is mtn momo fooling?

— LIGHT OF THE WORLD✨ (@ama__burland) October 19, 2021

If you dont want to be disappointed..don't use MTN momo tonight.😒

— MsBawoni| Customer Experience Consultant (@MsBawoni) October 19, 2021

Loans aren’t always a bad idea if you go about it right. As a businessman, taking a loan could be one of the best decisions for it.

The problem is that many business owners don’t know how to go about it when applying for a loan. While physical loan applications at banks are time-consuming and full of procedures and on top of that stressful, online applications are far easier.

Technology has presented us with several online platforms to submit loan applications. Financial mistakes almost always end up costing you money, so I’ll discuss with you a few mistakes to avoid when next you apply for a loan online.

Don’t settle for a high interest rate

Fees, terms & conditions, and other extras are all well and good, but no matter how nice they sound, you should never settle for a high-interest rate. There’s just no need! And yet, it can be all too easy to lose sight of the rate you’re going to end up paying.

When looking for a loan, consider what you’ll be using it for. Maybe you’ll be putting it towards getting your license to start a car business. Once you know what you’ll be spending it on, you can track down a loan that fits the bill and still offers a great rate.

You don’t repay the loan on time

The loan process doesn’t end once you’ve been given the money. At a given specific time, you’re going to have to pay the money back. It might sound simple, but you’ll be surprised at how the days will go by and easy it will be to forget that you have a loan to repay.

This mistake is especially common if this is your first time applying for a loan. While a seemingly harmless mistake, but it could adversely affect your credit score and your chances of landing another loan in the future. 

Mark payment dates in your calendar, throw a reminder on your phone, or better yet, set up an automatic transfer via online banking so that the payments take care of themselves. It’s that simple!

Consider your budget

What are you planning on using this money for – Paying off medical bills? A loan may help you out of a rough financial situation, but it also leaves you with outstanding debt and interest to repay.

But it can be all too easy to get caught up in the loan pre-approval process and find that you haven’t asked – or answered – the most important question of all: will you be able to repay it. You shouldn’t take loans you can’t be able to pay back just because you can take the loan.

Consider MTN quick loan; for instance, taking a loan as fast as that can offer you exciting possibilities to take care of whatever you’ve got.

But borrowing more money than you can afford can quickly see your expenses getting out of hand, which is the last thing you want. Instead, check your budget, add the repayments, and run the numbers. If the application is successful, will you be struggling to keep your head above water? Or will you be able to manage it easily?

Make such calculations and ask yourself those questions and decide if you need to take that loan.

Ideally, any personal loan repayments shouldn’t come to more than 15-25% of your income. If it’s more than that, it might be time to consider other ways you can get the money together. Perhaps you could find ways to save a little cash. 

Don’t apply for loans from multiple online sources

As easy as taking a loan sounds, you shouldn’t take multiple ones at a time.

Because even if you take them within a three-day space, it’s still going to be a problem for you when it’s time for you to pay. A business person might argue that the business that he’s going to operate with loans will pay off so he can pay back from loans on time.

But that’s not true why because even if you’re a salary earner, taking two loans from two online platforms can be very hard on you when you pay back with your salary money. You might end not paying on time because you’ll be contemplating using the money on something else, and that’s going to attract penalties. For instance, there are a couple of online loan platforms in ghana, like Mtn quick loan, Fido money loans and Vodafone loans which was recently introduced.

Taking loans from MTN quick loan is very simple; you have to follow a few prompts, and you’re done. The same applies to the other loan platforms, so the simplicity might tempt you to apply from all three agencies because you can, but that can cause serious financial problems soon.

Thinking you can take the loan and refuse to pay

Most people think because the loans are applied and not in person, they can run away with the money, but they’re wrong. This is because they apply for the loan with your details and these agencies have access to your details, which they can use to trace you.

Some of these agencies online even make you add a guarantee’s number in the unlikely event that they don’t hear from you. And some people don’t inform the people whose details so when the time for the money comes, and the agencies start calling them, they’ll also be frustrated and give away your location.

By then, you would’ve incurred a lot of penalties on top of the initial interest, which I’m not sure you thought of when you planned to run away with the money. So basic ideal thing you have to do is take a loan you can afford to pay and make payback at the right time to avoid penalties that you can avoid.

Conclusion

Ever since being introduced, online and Mobile Money loans have helped pay fees for students, starting a small scale business amongst others, but for some, it has become a devil to them rather than the angel it is.

And that’s because they made some mistakes they could’ve avoided, so read through this piece of work and learn some mistakes to avoid when applying for online loans in Ghana.

The Mobile Money service is one that has come to stay especially amongst the Ghanaian citizenry.

For the past eleven years, the mobile money industry has dominated the Ghanaian payment ecosystem with over 20 million people currently using the service in the country.

In spite of the numerous advantages of the mobile money platform which includes payment of bills, instant money transfer, quick payments and purchase of airtime and data bundles, the Mobile Money service is not entirely a replacement for the traditional banking system.

In this article, I shall give you reasons why you still need to have a bank account even if you have all the various mobile money platforms available in Ghana.

The Banking system in itself is a major part of the global financial system and it has been for the past so many years.

The introduction of the mobile money service was only to make banking easier and faster. Therefore, there are still instances where one needs to have an actual bank account to do some things.

Transferring Huge Amounts Of Money

Except you are a Mobile Money agent which also comes with its limitations, you can only send up to 5,000 cedis within every 24 hours on your mobile money account.

This means if you wish to send money beyond this amount, maybe from 10,000 Cedis and above, the Mobile Money platform may not be a perfect option for you especially if you are not a registered merchant or agent.

For this reason, you may have to fall back on the traditional banking system where you can send as much money as possible by depositing directly into the account of the recipient.

This is one of the major reasons why you may not be able to use your mobile money entirely without periodically returning to the bricks and mortar banking halls once upon a long while.

Seeking Huge Loans For Business Or Personal Needs

The Mobile money system is a near-perfect replacement for the traditional banking system however, an oldie is always an oldie.

With your Mobile Money, especially the MTN Mobile Money, users can borrow money from their wallets based on their transactions and how long they’ve been using their mobile money wallets.

While this is true, an individual can only take up to 1,000 cedis per mobile money account at a time. This makes mobile money loans a short term loan for settling urgent issues.

However, for those seeking to raise good capital for their businesses and some other personal needs, the need for the banking system is not even up for debate.

They need to run back to their various banks for support in such situations since banks are able to give out loans to the tune of millions of cedis.

Limits On Mobile Money Wallets

Depending on the type of Mobile Money account you have, there are limits on the volume of money you can have in your wallet at any given time.

For most people, the limit is pegged at 10,000 cedis while others have their limits pegged at 20,000 cedis and 50,000 cedis respectively.

This means that if you intend saving money in your mobile money wallet, after some time, when your balance exceeds the limit, you would have to go back to your bank.

So, Mobile Money is in essence, a temporary way of saving money for long-term goals.

International Money Transfers

While there are third party software and websites which enable people to send and receive money internationally using their mobile money wallets, it is largely impossible to do that directly from your mobile money wallet.

For the sake of trust and security, using such third party applications for such money transfers may not always work especially when there are huge amounts of money involved.

So, in such situations, the safest and most convenient solution is the bank for which you need to have a bank account.

Conclusion

In spite of all the good things that the mobile money service has brought to the Ghanaian population especially in terms of payments and money transfers, the Mobile Money platform is not a complete replacement for the old banking system.

There are still reasons why you need to have bank accounts to supplement your mobile money wallets.

I hope this article was helpful in opening your eyes to some of these reasons.

If you have any questions, comments or suggestions regarding the content of this article, kindly let us know in the comment box below or contact us.

Kindly do well to share this article with friends and family.

Getting money transferred to you from Outside Ghana to Ghana is one of the most difficult things for most people to do.

Transferring money from Europe, America or any other part of the world straight to Ghana has not been easy. Most of the services available take a lot of time to reflect the money in the accounts of owners.

Some also require lots of third parties and may end up reducing the volume of money that arrives in the receiver’s account at the end of the day.

In this article, We’ll take a look at an app which ensures easy and reliable transfer of money from any foreign country to Ghana.

What Is Transfer Wise?

Transferwise is a global financial technology (fin tech) company which provides people the opportunity to send money outside their jurisdiction while maintaining the real exchange rate at the time of sending and also with a very minimal cost.

How To Send Money Using Transferwise

1. Register for a free account. To register for a free account, follow the steps below:

a. Enter transfer wise website and click “register”

b. Select “Personal” for a personal account or “Business” for a business account. For the sake of this tutorials, select “personal”.

c. Enter your email address in the space provided for that.

d. Create a password

e. Select the country you reside in currently from the list of countries under the “Country of residence” tab.

f. Click on “sign up”

g. Your account should be opened in a few seconds.

2. Click on send money on your user dashboard.

3. Choose the currency and amount which you want to send under the “You send” box.

4. Select from the list of three transfer fees, the one that best works for you depending on how fast you want the money to be sent and the kind of transfer you wish to make.

5. Select the currency in which you want the recipient to receive the money. Eg. USD, EUR etc.

6. You’ll see the date of receiving below the “recipient gets” box.

7. Click on continue.

8. Select the mode of transfer. In this case select “Personal”

9. Enter your full legal first name and middle names in the first box.

10. Enter your full legal last name in the next box.

11. Select your date of birth and enter your phone number.

12. Enter your address and click continue.

13. Select the person you’re sending the money to. In this case, select “Someone else”

14. Enter the email address of the receiver

15. Enter the full account name of the receiver.

16. If you know the owner’s account number, Tick the box beneath with “I know their bank details” and enter the IBAN account number of the person. If not, just leave the box empty. The company will send an email to the person requesting for their bank details in your name.

17. Click on confirm.

18. Upload a proof of your identity (Passport or license)

19. Click “start” to verify.

20. Review all your details and click continue.

21. Select your payment method and confirm.

22. Your money should be sent.

With transferwise’ android and iOS applications available on both google playstore and Apple App Store respectively, you can easily manage your money transfers and keep record of all your transactions.

Conclusion: Despite the huge number of money transfer apps around, transferwise is a perfect solution for all international money transfer situations since it provides the best rates and charges. While sending an amount of 1, 000 British pounds, one gets to pay either 3.95 or 6.5 GBP as the charge and a mid-market exchange rate too. Also, transferwise is trusted by over 6 million customers with over 13 physical offices across the world and over 5 billion euros sent every single month by users. With these, you should definitely use transferwise on your next money transfer. I hope this article was helpful to you. If you know of any other money transfer apps or if you have any comments to

Share about this write-up, kindly let us know in the comment box below.