Ghana’s ExpressPay, an Accra-based payments firm has partnered with local banks and payments technology firm Visa to launch Direct Bank, an inter-bank instant money transfer services for customers to send or receive money into their bank accounts from any Visa partner bank or mobile money wallet in Ghana.
According to the firm, Bank Direct will increase the country’s financial inclusion rates as it eliminates the physical process involved for one to transfer or receive money either to a bank or mobile wallet as the new service will allow them instantly transfer money from any mobile money wallets or Visa partner banks to others seamlessly.
Curtis Vanderpuije, CEO of expressPay said: “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.”
With interoperability at its core, Bank Direct will connect bank accounts in Ghana to mobile money bolstering the use of mobile money in Ghana and the entire west Africa.
Founded in Ghana in 2012, ExpressPay has been a payments gateway provider giving consumers real-time ability to pay for airtime, Internet and payTV. The new instant money transfer services will not only increase portfolio services but will see the firm grow its revenues from the increasingly popular money transfer services.