Ghana’s bank-led mobile money platform GhanaPay has surpassed one million subscribers three years after its launch, capitalizing on the removal of the Electronic Transfer Levy (E-Levy) to drive adoption.
The service, developed through a partnership between GhIPSS and financial institutions, differentiates itself with fee-free transactions and direct bank account integration – features that have particularly resonated with cost-sensitive users in peri-urban and rural areas.
While the platform’s zero-charge model and financial tools like high-interest wallets have accelerated growth, analysts question its long-term sustainability without alternative revenue streams.
GhanaPay’s milestone reflects progress in financial inclusion, but maintaining momentum will require balancing innovation with financial viability as competition in Ghana’s digital payments sector intensifies.
