New cash transfer offering to empower unbanked
from MASAHUDU KUNATEH in Accra, Ghana
ACCRA – BANK of Africa, a leading commercial bank in Ghana, has unveiled a cash transfer service, Wari, which enables customers to receive and send cash locally and internationally.
The Head of the Alternative Channels at the bank, Ahitophel Dwomoh, said the platform would empower the unbanked.
“One does not need an account with Bank of Africa before one does a Wari transaction. Anybody can. The purpose of the platform is for us to be able to reach the unbanked so we don’t expect everybody to have account with us before they get the opportunity to transfer funds.”
He explained that what set Wari from existing money transfer was its “cheaper” tariff structure.
“Some of the transfer services that are on the market now are based on the percentage of what you send, for instance, but this one [Wari] charge is in bands, so it makes it cheaper,” he said.
He said funds transfer between GH₵1 and GH₵5 attract the same charge, those in different bands also attract same charge to reduce the charges on funds transfer.
Although people in Ghana cannot transfer funds to abroad using Wari, they can receive money from anywhere across the globe.
“It is very secure. Most of the transfer services that we have now, if you do the transfer you need to call the beneficiary and give him or her the code but with this [Wari] once the beneficiary has a phone the code automatically goes on his or her phone,” Dwomoh explained further.
However, the beneficiary has to present his or her valid ID, the amount he or she is expecting and fill a form.
Wari is currently available at all 19 branches of Bank of Africa in Ghana and is expected to be rolled at other banks in the country – including First Atlantic Bank, Express Funds Transfer as well as rural banks and savings and loans facilities.
Bank of Africa started operations in 2011. It acquired majority interest in Amalgamated Bank in February the same year.
– CAJ News
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