Category: FinTech

Well, the answer to this question is not an easy one. With all progressive cutting-edge technology we have around, sending money across Africa is expensive, difficult and in some cases, impossible depending on the countries you choose to send and receive money from.

There has been a recent growth in innovative fintech platforms and services utilizing new ways to bridge the gaps in the financial network in Africa. One of such fintech platforms is “Waya” or “Waya Money” as it is sometimes called. 

Waya is an African-based fintech company founded by Africans, built by Africans from over four different countries with an aim of making money transfers and payments simpler and easier. 

Waya allows a person to exchange money from one part of Africa to the other through the best possible cost-effective route that guarantees instant transfers and payments without the need of an intermediary major currency like the dollar. Dealing with regulations from several central banks is a huge task as the rules are different from country to country. They work with various trusted partners including other fintechs, banks, payment processors, KYC vendors and telcos to ensure secure delivery of funds. Essentially, they do all the hard work behind the scenes so you do not have to. 

Waya is currently in Ghana, Kenya, Nigeria, and expanding to Rwanda, South Africa, Uganda soon. You can download Waya on Playstore at www.bit.ly/WayamoneyApp or sign-up online at www.wayamoney.com

Thinking of opening an international e-wallet account from the comfort of your home? There are some many options available on the internet so which one should I select?

Are you part of the people who are thinking about this right now? If you are then do not worry about it anymore. If you do not kindly continue reading and you will be interested in the time you are done reading this article.

After reading several posts and several weeks of research, I have come across one of the best international e-wallet platforms that are available on the internet. In this article, I am going to share with you a simple guide on how to open an account on Moolre e-wallet.

International e-wallet platforms are like banks where the money is kept and can be transferred between people. The people who perform these transactions could all be on this platform or one of them could be on it while the other (s) doesn’t.

After reading several posts and doing research, I have come across one of the best international e-wallet platforms that are available on the internet. In this article, I am going to share with you a simple guide on how to open an account on Moolre e-wallet.

What is Moolre?

First of all, we need to know a brief about Moolre e-wallet. Moolre is an e-wallet platform that was established to help individuals store money on a safe and reliable e-wallet platform with several benefits.

Unlike most e-wallet platforms, Moolre has its own currency, Moolre (MLR) which is equivalent to the United States Dollar (USD); meaning 1MLR = 1USD.

Moolre has its headquarters stated in New York in the United States of America and Accra, Ghana. Some of the other benefits of having a Moolre account are stated under the benefits of having a Moolre account below.

How to open an account with Moolre e-wallet

There are two (2) main ways of opening an account on Moolre. The first method is by using the mobile app and the other one is by using the official Moolre website.

But, since all these two methods are almost the same I am going to discuss how to open the account once, without wasting much of your time.

• To get started you first of all need to download the free Moolre mobile app from the Google Play Store or the Apple App Store. Or, visit the official Moolre website on your phone, tablet or computer.
• Scroll down to the bottom part of the page and tap on “Sign Up Now”. Alternatively, you can tap on the three horizontal bars on the upper right corner of the screen and then tap on “Sign Up Now”.
• Fill in the “Sign Up” page with the required details. The information that will be required is Username, Email, Phone number, and Password.
• After filling in the required details, tap on “Sign Up”.
• To increase the security of your account, secure your account by creating a four-digit passcode. After that verify your email and the phone number.

Congratulations, you have successfully created your Moolre e-wallet account. Now you can make transactions on your account.

What Are The Benefits of Having A Moolre Account?

• First of all, you can send and receive money from abroad and other Moore users directly to your Moolre wallet within a short period of time.
• Secondly, you can send and receive Bitcoin, Bitcoin Cash, Ethereum, and other currencies directly to your account.
• To add the icing on the cake, because Moolre is run by a foreign company and trades in several currencies, once you deposit money to your account and the exchange rate changes it affects your money.
• For example, if you deposit 5.67GHS today to your wallet and the exchange rate is 1MLR = 5.67GHS, as soon as the exchange rate increases your money will also increase. Meaning if the exchange rate increases from GHS5.67 to GHS6.00, your balance will also be GHS6.00.

Conclusion

There are several e-wallet platforms on the internet but Moolre has been trusted and used by many people, myself included.

Interestingly, there are only a few people who know about it so make sure to share this article with your friends and loved ones and drop your comments below. 

Are you tired of using USSD to cashout money from your MTN mobile money wallet? Are you in the middle of something important that using USSD could interrupt what you’re doing? Don’t worry at all, I’ve got you covered.

MTN has proved to Ghanaians and the world that they are indeed one of the best telecommunications networks in Ghana and the African continent at large. These range from mobile money to data offers and all the other amazing features they provide.

But over the past years, one of the problems that have been faced by many Ghanaians is the inability to withdraw money from their MTN momo wallet using the internet. As such, MTN has introduced the feature that finally allows users to withdraw money from their wallets using the internet.

Therefore, in this article, I am going to show you how to withdraw money from your MTN mobile money wallet using the My MTN Mobile app.

How to Withdraw Money From Your MTN Mobile Money Wallet Using the My MTN Mobile App

Withdrawing money from your MTN mobile money wallet using the My MTN Mobile app is similar to the traditional one we all know about (i.e. USSD); but in this case, you will use the internet.

The steps involved in withdrawing money from your MTN mobile money wallet using the My MTN Mobile app are as follows:

• First of all, download the free My MTN Mobile App from the Google Play Store or the Apple App Store.

• After downloading the mobile app from you’re the Play Store or the App Store, you will be asked to enter your mobile number and then confirm it by entering the OTP (One Time Password) that will be sent to you via SMS.

• Once you have confirmed the number, tap on MoMo at the lower right corner of the screen.

• Enter your MTN mobile money PIN.

• Enter the four-digit OTP (One Time Password) that will be sent to you via SMS.

• Tap on Cashout and confirm your request again by tapping on Allow Cashout. Then tap on Done.

• Once the merchant issues the command at his end, you will be asked to enter your PIN and then confirm your payment.

Conclusion

Finally, you have been able to withdraw money from your MTN mobile money wallet using the My MTN mobile app in less than 2 minutes. Isn’t it faster than the traditional method we use (USSD)?

The introduction of this feature will help us especially iPhone users whose internet connection goes off when they using USSD to withdraw money from their MTN mobile money wallet.

Was this helpful? Make sure to share and bring your comments and suggestions in the comments section below.

Do you want to convert some dollars to cedis or vice versa? Take a look at these top sites and apps that can help you convert dollars ($) to cedis (¢) on your mobile phone or computer.

Converting dollars to cedis is very easy and fast in case you have a site or app that you can trust to give you the accurate and current exchange rate. The exchange rate is the amount of money you need to forgo to get another currency.

For example, if the exchange rate of the dollar is GHS 5.20, it means that before you can get 1 dollar you need to forgo GHS 5.20. Exchange rates are not something that can be used for even 2 hours because they change at least every one hour.

Therefore, to get the idea of the latest exchange rate on the international currency market, you need to have a reliable site or app.

In this article, I’m going to show you some of the trusted and reliable sites and apps that can help you convert dollars to cedis or vice versa.

Sites and Apps That Can Help You Convert Dollars to Ghana Cedis

There are over a thousand and one sites and apps that can help you convert dollars to cedis but in this article, we are going to look at the once that I have tried before and recommend to you.

Google

If you have done conversion from one currency to the other then you have probably used Google search before. As the biggest search engine with over a billion searches every year, Google is one of the best currency converter sites in the world.

Due to its broad users from all parts of the world, Google can convert from almost all the currencies in the world; as long as that currency is on the international currency market. Therefore, you can convert your dollar to cedis using this site.

This site has one feature which makes it stand out from some of the other sites and apps, i.e. it gives you an exchange rate graph that shows you the previous exchange rates (past hours, weeks, and month).

XE Currency

XE Currency is one of the obvious choices when you think of currency conversion. XE Inc. started off as a website, but due to the number of viewers they had and the need to make it easily available, the introduced the mobile app also.

The XE Currency is available for free to Android, iOS, and Windows users. Meaning no matter where you are or what device you’re using you can always convert your dollars to cedis or vice versa.

XE Currency also has a user-friendly interface that helps you convert from all the major currencies in the world. Similar to Google, XE Currency also provides historic charts of the previous exchange rates.

In addition, the app stores the most recent exchange rates offline and keeps track of world currencies and precious metals.

CalConvert

CalConvert is more than a currency converter because it also has a built-in calculator. The calculator has advanced mathematical functions, saves your calculation history, and allows you to convert hundreds of different units in addition to currency.

CalConvert also has a website where you can perform all your exchange rate calculation and conversions.  Therefore, you can convert your dollars to cedis on either the free mobile app or website.

In addition, the app has a 24-hour support feature that helps you chat with a customer service rep whenever the need arises.

My Currency Converter

My Currency Converter is one of the best currency converters in the world with a unique feature from all the other sites and websites. My Currency Converter will be a good choice for crypto traders.

Apart from converting international currencies, My Currency Convert also supports cryptocurrencies (BitCoin, DogeCoin, and a host of others) that allows you to keep track of your money no matter where you are.

The exchange rates in this app are updated automatically and convert all the rates to three decimal places; making it ideal for converting dollars to cedis.

Conclusion

Converting currencies is very easy, simple, and fast if you use the sites and apps recommended in this article. Interestingly, all the apps and sites listed in this article are free to use.

Have you tried any other app or site that helped you convert your dollars to cedis? Feel free to write it down in the comments section below and I will add it to the list as soon as possible.

Finally, make sure to share with your friends and loved ones. 

With several mobile money platforms emerging, choosing the best one that fits you could be a little bit confusing.

Apart from the normal mobile network operator’s mobile money platforms, there are also other mobile money platforms that do not take into consideration your mobile network.

Some of these are Moorle, Ayoba, Zeepay, etc. But in this article, we are only going to focus on how to register for Zeepay mobile money.

What is Zeepay Mobile Money?

Zeepay mobile money is a fast, convenient, affordable and electronic wallet service that allows customers to easily save, send, and receive money.

Zeepay just like a physical wallet gives you somewhere to store your money, but even with more features and very high security.

In addition, Zeepay has compatible Near Field Communication (NFC) that allows you to link your wallet to your NFC tag. This allows you to make transactions from your account even without a mobile phone.

This feature is made possible by Zeepay in collaboration with other third-party partners including some selected banks.

How to register for Zeepay Mobile Money

There are two (2) ways of registering for Zeepay Mobile Money. There are

Registration via USSD and registration via the Zeepay mobile app.

How to register for Zeepay Mobile Money via USSD

This option is good for persons without a smartphone and iPhone users. Because, non-smartphone users cannot download the Zeepay app and the app is also not available on the Apple App Store.

• Dial *270#
• Choose option 1 (Register).
• Select your ID type (Voters ID, Passport, Drivers’ License, or SSNIT).
• Enter your ID number.
• Confirm the name found on the ID card and enter your Date of Birth in the required format (DD-MM-YYYY).
• Enter your Residential address without the GPS code.
• Enter your Ghana Post GPS (optional). If you don’t have any, enter NA.
• Enter “1” to confirm your account creation.
• Upon successful completion, a confirmation message with your 6-digit PIN will be sent to your mobile number via SMS.

How to register for Zeepay Mobile Money using the Zeepay Mobile App

Unlike the registration via USSD, this option is only available for Android users.

• Download the Zeepay app from the Google Play Store.
• After installation, open the app.
• Select Add New Terminal.
• Enter the required details and create your account.
• Upon successful registration, a notification will be sent to you via SMS.

What Are The Benefits of Zeepay Mobile Money?

Due to the numerous mobile money options available on the market, before you select any mobile money platform you need to analyze the benefits and the disadvantages. Below are some of the benefits of signing-up for Zeepay mobile money:

• There are lower fees for cash out and transfer services.
• There is a Micro Insurance for as low as GHS 2.50.
• You can also make a direct wallet – to – bank transactions.
• Lastly, you can receive, convert, and transfer cash pick remittance into your Zeepay mobile wallet.

Is Zeepay Mobile Money Safe?

The answer is YES. Zeepay is a mobile money financial institution and as such, funds held in your Zeepay wallet are protected by Bank of Ghana regulations.

Before you can register for a Zeepay account, your ID card will be required therefore it will be hard for fraudsters and criminals to use these services for their gain

Another interesting thing is that, every transaction you make is stored on a database and even if your phone or SIM card is lost or stolen, your money will always be kept safe.

How to Top Up Your Zeepay Mobile Money Wallet

To top up your Zeepay account, you can link your mobile money wallet to your Zeepay wallet and top it up via mobile money. Also, you can top up your wallet by paying cash at any Zeepay mobile money merchant nationwide.

Conclusion

Zeepay mobile money is very quick and easy to register mobile money platform as compared to the other platforms; I created mine in less than 3 minutes.

Depending on the type of your mobile device, choose the option that will fit and create your Zeepay mobile money wallet and enjoy the benefits that come with it.

Have you used Zeepay before? If yes, feel free to share your experience in the comment section below, and if there’s something I left out feel free to write that also in the comment section below.

Make sure to share this article with your friends and relatives.

After creating your bank account, the first thing you will be given is either a cheque book or a credit/debit card.

Credit and debit card fraud has become one of the highest internet crimes all over the world. In most cases, people go to the bank to withdraw money from their accounts only to find their balance in a single-digit or one that doesn’t correspond to the one they left.

Some few years ago, this wasn’t actually a big problem in Ghana but due to the negative use of technology, this has also become a major crime in Ghana in recent times.

Because of that, I am writing this article to guide you on how to protect your debit and credit card against fraud in Ghana. The methods used here are once that has proven to work very well and if followed could help you protect your debit and credit card against fraud in Ghana.

What Is The Difference Between Debit Card and Credit Card?

Before we begin with the methods, we all need to be aware of the difference between a debit card and a credit card. The difference between these two (2) cards are a little bit confusing.

A debit card is a payment card that is issued to a customer by a bank where all the purchases made by the customer are deducted directly from his or her current or savings account. Whereas credit cards allow customers to make purchases from their account and pay later.

How to Protect Your Debit and Credit Card Against Fraud in Ghana

Avoid Using Debit Cards For Online Purchases

In order to protect your debit card, you are advised to use only your credit card for online purchases and leave the debit card for ATM withdrawals only.

The reason behind this is that credit card users are mostly at an advantage because they can challenge the bank and avoid to pay the credit. Debit card owners on the other hand will have to use the amount they have on them and wait for the bank to later reimburse them.

But in case you don’t have a credit card, never use your debit card for PIN debit. Pin debit is a transaction that involves inputting the 4-digit PIN that you use at the ATM for transactions.

The reason behind this is that hackers can use your card details and create a replica card and then use your 4-digit PIN to make ATM withdrawals.

Google Untrusted Apps

As simple as it might sound, this is one of the most used methods hackers use to steal credit/debit card information.  With this, hackers create fake mobile or PC apps and set up a payment platform where the data you input is sent directly to the hacker.

Your data is then used to make purchases online by the hacker using your name. To avoid this, always Google apps that request you to enter your card details.

When searching, make sure to read reviews of people who have used the app before and also check the version of the app they commented on and the developer of that particular app.

Because of SEO, please take the time and read through at least three search pages before you make your final decision.

Don’t Fall For Phishing

Phishing is the act where hackers send emails imitating official institutions with click on links or attachments. What happens is that once you open the link or attachment an unknown malware will be installed on your device.

Such malware can capture data such as card details you enter online and then send it to the hacker. Therefore, be vigilant when you receive an unexpected email demanding you to visit a website or to open an attachment.

As soon as you receive such emails, make sure to contact your bank first, before you decide on opening the link or attachment. Also, never enter your card details on a website you didn’t manually type in your address bar.

Be Careful When Using The ATM

This is where some hackers tend to make their hacks. They usually install technologies that will capture your card details and PIN code and forward it to the person who installed it.

For that reason, it is always advisable to use ATMs at one of your banks’ branches nationwide. This is because fraudsters usually don’t try those places due to the presence of security personnel.

ATMs at shopping malls, filling stations, and those by the roadside cannot be trusted due to its exposure to the general public at all times.

Set SMS Alerts For Your Debit/Credit Card

This is the best way to know what is happening to your card and your bank account. With this feature, once an amount enters or leaves your card, you will be notified on your device.

This helps to prevent future losses should you in case of spot an unfamiliar transaction on your card. The mobile SMS alert is available in almost all the banks and major financial institutions in Ghana.

Keep Track Of Your Card (s)

We often leave our credit/debit card somewhere and only go for it when we want to use them to make transactions. Though that is good, checking your card at least once a week could do the trick.

This might sound very stressful but, it helps to alert your bank immediately if you cannot find it where you usually place it.

Change Your Card PIN As Often As Possible

If possible, change your card PIN at least every three (3) months to keep it safe. A hacker can obtain your card details and then wait for over some months to purchase for you to forget where your card details were got from.

Therefore, changing your PIN every three (3) months can help you to avoid such instances.

Conclusion

The methods stated above are not 100%, because there’s no way you can protect yourself 100% from fraudsters. But, the methods in this article can provide you some above-average protection.

Other methods can be used on how to protect your debit and credit card against fraud in Ghana but these are my recommendations. Depending on your preference, you can select the one that works best for you.

I Hope, this article will be helpful and will achieve its purpose for which it was written.

Please make sure to share with your loved ones and relatives and let us protect ourselves against these fraudsters, it could happen to everyone.

Fintech is an abbreviation for Financial Technology. Fintech is the application of technology towards the delivery and use of financial services through automation to clients.

Better management of financial operations and processes by utilizing specialized software and algorithm used on computers and mobile phones by companies, business owners and clients is the reason Fintech exists.

In general, Financial Technology applies to an innovative way people transact business through digital money and double-entry bookkeeping. Think about the eCommerce websites and how they utilize transactions.

Though these shopping websites are virtual, yet, they are able to receive payment as if the business is being operated physically. These sites receive payments through digital payment gateways in order to receive payments.

Without the assistance of third-party or a person, one can see to the better management of their finances.

In this article, our main focus will be on the list Of Fintech Startups operating in Ghana.

A Brief Introduction Of Fintech In Ghana

Fintech was introduced in Ghana in the year 1997 by the Social Security Bank (SSB). The SSB introduced the Sika Card which allowed clients to utilize cashless transactions.

The introduction of the Sika Card was the first contribution Ghana made to Financial Technology. The main ideology behind the Sika Coin was to serve as an alternative to banknotes and cheques to enable customers to perform a cashless transaction with the bank and any other person virtually.

Later in 2008, the government of Ghana led by the then ex-president HE. John Agyekum Kuffour launched a national smart payment system called e-zwitch, an interoperability payment system used for conducting cashless transactions by companies, banks and saving and loans.

Below are a list of Fintech startups operating in Ghana.

Mobile Money And Other Mobile E-Wallets

MTN Ghana was the first telco giant to introduce mobile money into the Ghanaian payment system as a contribution to Financial Technology in Ghana. Within a short pace, the majority of the Ghanaian populace became familiar with the service.

The Mtn Mobile money was fast, quick, and convenient for mobile transactions like transfer of money, payment for services and other financial transactions, thus, the acceptance of the service to the masses of the Ghanaian populace.

With the achievement of the telco giant (MTN GH) and how successful the Mobile money was accepted by most people, paved way for other telcos in Ghana like AirtelTigo and Vodafone to also contribute to Financial Technology.

AirtelTigo came up with Airtel cash and Tigo cash whiles Vodafone also introduced Vodafone cash.

With the fast adaptation of Financial Technology, Ghana launched the Mobile Money Interoperability system in May 2018. This made it easier for the transfer of funds between mobile wallets within and across networks.

In addition, the Mobile Money Interoperability system allows movement of funds between one’s bank account and mobile money wallet which is always available to access.

Aside from the banks and telcos contribution to Financial Technology, there are other indigenous firms who provide value through innovative ways by contributing to Financial Technology. Below are other firms contributing to Financial Technology in Ghana.

Fintech Startups in Ghana

Express Pay

Express Pay is a payment gateway provider. They provide the services of utility bills, school fees, hotel reservations and premium insurance. In addition to their services, they also provide direct access to banking services like transfer of ‘to and fro’ its customers account.

Hubtel

Hubtel payment platform provides services as a payment gateway to its customers registered businesses in-store, online or by phone. It also provides Bulk SMS, messaging and advertisement services

Hubtel also provides Premium billing for its API services which can be used for subscription management, billing and content delivery to customers via Web, WAP, or SMS.

SlydePay

SlydePay renders services by helping you to make deposits into a receivers mobile money account. Other payments like School fees, utility bills, and contributions toward organization funds or dues can be processed with SlydePay.

Airtime, Data bundles from all the major telcos in Ghana can be purchased using SlydePay.

BezoMoney

BezoMoney is a digital savings platform called BezoSusu that helps you save effectively and also receive bulk capital through group savings and credits to access formal financial services. A digital wallet is provided for your personal savings or group savings.

It is in essence, a digital platform that helps you save effectively, and enables you to access bulk cash through group savings and ensures that you build a worthy savings and credit history to foster your access to loans.

Bit Sika

Bit Sika is wallet based remittance for making payment. Users can deposit, send, receive and withdraw funds across the world. It provides support for various payment gateways including bank transfers, bitcoin, debit and credit cards, and mobile money.

It also offers users the opportunity to apply for and use virtual credit cards in their name to perform online transactions. Bit Sika’s application can be accessed on Android devices.

InterPay

InterPay is a mobile financial service providing a platform to facilitate traditional transactions and e-commerce. Interpay also allows merchants to send and receive payments from their many customers across the country.

It also allows the collection of payments for bills and invoices.

iPay

iPay ensures easy transfer of money across Africa. iPay provides an avenue for online, in-shop POS, and off shop payment of goods and services. It is one of the popular payment solutions available.

PennySmart

PennySmart is a platform that provides a smart way to save your penny. It gives you interest on the total amount saved in your account. It also offers you a flexible way to determine the amount you want to save.

Zeepay Ghana Limited

Zeepay ensures international remittance services, domestic transfer services, bill payment and mobile money services. Zeepay operates across Africa and facilitates payments across European countries like UK, Germany, Italy, and Holland to African countries like Ghana.

Impact Of FinTech in Ghana

FinTech in Ghana has contributed a lot to business in Ghana. Though there are challenges, the positive influence it has contributed to businesses and Ghana’s economy is massive.

A lot of business now is able to operate online to meet the 21st-century business-standard. Businesses operating online now are able to receive payments and make transactions without the need for operating physically like the old times.

No need of carrying huge sums of money around and joining long queues at the bank.

Progress of Fintech in Ghana

In early 2019, Ghana regulated institutions and businesses that provide payment services and mobile money operations called the Payment Systems and Service Act.

This Act enabled direct licencing of non-banking sectors and FinTechs by the Bank of Ghana.

MTN Ghana made available of its Mobile money API for easy access to enable Fintech related businesses in Ghana to inculcate the service into their systems.

Challenges facing Fintech in Ghana

With the numerous payment platforms available, Ghana’s Fintech sector can be considered vibrant but in another view, it is still quite lagging behind from being recognized on the globe.

This is because most of the Fintech platforms are not accepted in international transactions.

Aside from, the Fintech services are faced by one challenge “Fraud”. There is nothing successful that has no challenge. Many criminals have taken opportunities to commit acts of fraud to registered subscribers of Mobile Money to defraud them of their funds.

This has posed a major threat to Fintech Operators as subscribers are hit with multiple fraud cases daily.

Many Fintechs are adopting new security ways to curb these fraudulent activities.

Future Possibilities

With the adaptation of Fintech in many businesses and sectors, one major sector that has been left untapped is the transport service. As it stands now, the transport services still conduct businesses in cash transactions.

As Ghana boast of digitization, we should be ashamed of leaving the transport service untapped in this digitization transformation.

As we journey through this transformation, expectations are high to see our transport services digitized to solve the problem of balance misunderstandings between passengers and mates.

Conclusion

Mobile Money transactions and payment gateways are fastly being adopted as the mode of making and receiving payments by the Ghanaian populace. In this article, we looked at the list of Fintech Startups in Ghana.

After reading the article on ‘Mobile Money Is Not Enough: Why you Need a Bank Account’, the next question you might be asking yourself is: How will you open a bank account? Well, your question has been well thought off and in this article, we are going to show you how you can open a StanChart bank account from your home and get a free debit card delivered to you.

In this coronavirus pandemic era, the need to move most of your day to day resources and activities online has become common and important. Workers are now working from home, students and teachers have all migrated online.

As a result, if your bank does not offer online services, you are indeed missing out and at a disadvantaged position. That is why we researched on the various banks in Ghana and have come up with a suggestion that can help you open a new StanChart bank account and get a free debit card delivered to you without moving out of your house.

The reason why we selected this particular bank is the fact that it offers 24/7 access to your bank account and also saves you the stress and fear of moving out of your house to go to the bank especially, in this pandemic though there are similar banks.

What Are The Requirements For Opening An Account?

To open an account, there are some requirements you need and they are:

• You must be at least 18 years old
• Taxpayer Identification Number (TIN)
• Valid National ID (National ID, Driver’s License, Social Security + Birth Certificate, Voter ID + Birth Certificate)
• Utility bill (not less than 3 months old)

What Are The Types of Bank Accounts That Are Available At Standard Chartered?

First of all, before you proceed to open your bank account, there are three (3) main types of bank accounts that Standard Chartered offer and you need to select the type that fits you best. The available types are:

Current Account

This type of bank account is ideal for people who need a bank account for their salary and their day-to-day transactions. With this type of bank account, you are at liberty to apply for a loan and other credit offers and also comes with a cheque book.

One of the benefits of this type of account is the freedom to make the number of transactions you want without any restrictions. But, the only disadvantage is that fact that there’s no interest earned on your money when you open a Current Account.

In terms of fees, you are charged a fixed monthly fee and the initial account opening balance is GH¢100 and there should be a minimum balance of GH¢100 at all times.

Savings Account

Unlike the current account, the savings account is an interest-bearing account with a restriction on the number of transactions that can be made monthly. There are no monthly fees under this type of account and there are daily, weekly and monthly eStatement that will be sent to your email based on your preference.

Just like the current account, the minimum initial account opening balance is GH¢100 and comes with a cheque book.

Fixed Deposits

If you are a person interested in investment, then this is the perfect type of account for you. With this account, you maximize every pesewa you earn and grow your savings. It also has attractive interest rates that are calculated daily and credited monthly.

You can also borrow up to 90% of your fixed deposit at normal interest rates. There’s also eStatement available monthly and the minimum account opening deposit is GH¢1,000.

NOTE: Under each type of account, there are different categories available for you to choose from.

How to Open A StanChart Bank Account On Phone & A Free Debit Card Delivered To You

Now that you know the requirements and the available types of account, let’s now get into the main reason for this article. The steps to open the account are as follows:

1. Download the SC Mobile app from the Google Playstore or the Apple Appstore
2. Select “Open Account”
3. Input your contact details
4. Upload the required documents
5. Take a selfie photo and upload a clear photo of your valid National ID and signature
6. Review/provide your ID details
7. Review your inputted details and accept the terms and conditions
8. Submit the request and wait for your account to be created.

NOTE: The processing of the application usually takes two working days but can exceed that in certain situations. Also, for the name on the debit card, you will be asked to choose the name that you want but our advice is to use your real name.

The number of accounts you open is not restricted to only one, but you need to open one first and later open the other.

Once your account has been successfully created, a message will be sent to you via SMS and an agent from Standard Chartered will contact you to deliver your debit card to you based on the location you used in creating the account.

Conclusion

In case you are not able to complete the process, you can always save your progress and continue whenever you’re ready. Also, if you are a salaried worker who receives a monthly income of not less than GH¢1,000, you qualify for a credit card in addition to the debit card.

The entire process of opening your account is a little bit complicated but after reading through this article carefully, there shouldn’t be any confusion.

 Finally, make sure to keep your account details personal and keep your debit card in a safe place; and avoid making online purchases from untrusted vendors.