expressPay, Ghana’s leading financial technology company, has introduced an instant money transfer service, the first in the industry, in collaboration with Visa and local commercial banks in Ghana.
The online platform, Bank Direct enables consumers to instantly send and receive money in their bank accounts from any Visa cardholder or mobile money wallet from the telecommunication networks- Vodafone, Airtel, MTN and Tigo.
expressPay’s Bank Direct service, the first of its kind in West Africa, is expected to significantly change the mobile payments landscape by uniting traditional banking with mobile finance to benefit consumers.
The service improves existing systems through interoperability while streamlining processes to use mobile money to connect with money in bank accounts.
“Bank Direct effectively eliminates the need to travel to one’s bank to transfer or receive money, Ghanaians can simply transfer money from their bank accounts or mobile money wallets to any bank account with an associated Visa card from the comfort of their homes or offices,” said Curtis Vanderpuije, Chief Executive Officer (CEO) of expressPay.
“With a substantial proportion of the Ghanaian population unbanked, Bank Direct will foster financial inclusion while capturing the informal economy and enabling a cash-lite and more money-efficient society,” Mr. Vanderpuije added.
Speaking on the functionality of the expressPay Bank Direct initiative, Ade Ashaye, Country Manager for Visa in West Africa, stated that BankDirect enables seamless peer-to-peer money transfers.
“Funds that are transferred via the Bank Direct service will be deposited directly into the recipients’ bank account and can be accessed through branded point-of sale terminals, ATMs and e-commerce merchants. Funds will also be available through other banking channels such as online banking, mobile banking, agents and branches.
“Bank Direct is a cost-effective, fast and convenient way of transferring money. The service also brings the advantages of Visa’s global network – security, reliability and global acceptance. It also eliminates the long forms, complex routing numbers waiting time associated with conventional fund transfers,” Ashaye declared.
Henry Oroh, Managing Director and Chief Executive Officer of Zenith Bank, said the world is moving towards a cashless society where technology is being used to transact business and make payments, adding that the time has come for Africa, particularly Ghana, to explore the opportunities the phenomenon presents.
He said with about 19 million of the population having mobile phones and 500,000 using Visa cards collaborations like that of expressPay and Visa will achieve much more.
“I encourage us all to join hands to promote this product to increase financial inclusion and ensure a cash light society,” he said.
People can access the Bank Direct service by downloading the expressPay app (www.expresspaygh.com/app) on Google Play Store or the Apple Store.
By Jamila Akweley Okertchiri