ADB, MoneyGram Launches Cash to Account Service

Technology has made it easier and cheaper to send money from one point to relatives round the world. But if you do not trust the systems, money from almost any part of the world can be sent to your bank accounts using MoneyGram.

The Agricultural Development Bank (ADB) in partnership with MoneyGram has therefore introduced to the financial market, the “Cash To Account Direct Product” ― an initiative that has been designed to enable customers receive cash directly into their bank accounts from relatives worldwide.

MoneyGram’s Global Chief Revenue Officer, Grant Lines is confident that this step would further accelerate MoneyGram’s growth and provide customers with convenient and accessible technology-based financial service.

“We see a potential in the increasing adoption of banking services in Ghana and want to drive financial inclusion in the region by offering our customers more digital money transfer options,” he said.

Financial Inclusion

Speaking at the launch, Deputy Governor of the Bank of Ghana (BoG), Dr. Maxwell Opoku-Afari says driving financial inclusion through this reform would see the number of people with bank accounts increase.

“…You are then forced to open a bank account to receive remittances. At the moment we have only 3million bank accounts in Ghana, with a population of about 27 million people…in terms of promoting financial inclusion, this number seems small,” he indicated.

He further revealed that the BoG is embarking on reforms that aims at creating regulatory and enabling environment for banks to partner with other payment service providers to deploy innovative financial products and services that will boost financial inclusion.

According to him, The BoG has begun a review on the existing Electronic Money Issuer Guidelines as well as the Payment Systems Act that would promote the usage of digital channels.

The drafted guideline is currently with the cabinet and will soon be sent to parliament for review, Dr Opoku-Afari revealed.

Meanwhile Managing Director of ADB, Dr John Kofi Mensah has assured Ghanaians that his bank would continue to introduce innovative banking services which would be useful to its customers.

“We are committed to ensure that our customers remain the best served with the most comprehensive financial service solution product and service as to attract more of the unbanked population,” he assured.

Cash To Account

A subscriber simply sends the money online or from a MoneyGram location straight to the targeted bank account after which the money is transferred in minutes.

This service is available in selected banks in Ghana.

By: Grace Ablewor Sogbey/ [email protected]