GhanaPay’s sponsored wallet service streamlines financial support
Parents and individuals aiming to provide financial support in a controlled manner can now take advantage of the new GhanaPay mobile money feature called the Sponsored Wallet Service. This innovative service, launched by GhanaPay, allows users to allocate a specific amount of money from their GhanaPay wallet to a chosen beneficiary, offering a seamless and monitored spending experience.
The Sponsored Wallet enables GhanaPay mobile money users to allocate funds to beneficiaries, who can then spend the allocated money directly on their phones without needing a transfer. Sponsors have the flexibility to determine the amount and duration of spending, with options to set daily or monthly limits. Additionally, sponsors can remove or replace beneficiaries from their list at any time, providing dynamic control over the allocated funds. Importantly, the service is free of transfer charges, enhancing its appeal.
Beneficiaries must also have a GhanaPay wallet to access the Sponsored Wallet. This feature is particularly beneficial for parents who want to remit funds to their wards while preventing misuse. Transaction details are available through SMS alerts and wallet statements, allowing sponsors to monitor spending effectively.
Samuel Darko, Head of GhanaPay at Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS), emphasized the flexibility and cost-saving benefits of the Sponsored Wallet service. “The beauty is that, as the sponsor, you can delete or replace the beneficiary at any time. You can also reduce or increase the daily or monthly spend amount, and more importantly, you receive SMS alerts any time the beneficiary undertakes a transaction,” he explained.
Mr. Darko encouraged the public to sign up for the Sponsored Wallet service, highlighting the potential savings on costs and time associated with regular remittances.
GhanaPay, a mobile money service provided by universal banks, rural banks, and savings and loans companies, integrates mobile money features with banking services. Users can access the service via USSD code *707# or through the GhanaPay App, available on both Google Play Store and iOS App Store, bringing banking convenience to mobile devices.
In addition to the Sponsored Wallet, GhanaPay offers other services such as Standing Instructions, Crowdfunding, Payments to merchants, and bill payments, all accessible on mobile phones. This suite of services underscores GhanaPay’s commitment to enhancing financial inclusivity and convenience for its users.
