PayNet to provide Mobile Banking for Millions in Ghana

Document created by Abhinav Paliwal on Jul 21, 2018
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PayNet to provide Mobile Banking for Millions in Ghana | Mobile Wallets | Mobile Payments | PayNet 

 

 

Accra, Ghana,– The CUA (Credit Union Association of Ghana) , the apex body overseeing the cooperative credit union banking sector in Ghana, announced the go-live of the CUANet Digital Banking service. CUANet was implemented by Digital Square and PayNet Systems as their technology partners.

 

CUA represents the interests of more than 500 Credit Unions operating in the region and providing banking services to almost 1.5 million Ghanaians. The CUANet project is the realization of CUA’s long-standing vision to bring modernization to the cooperative movement in Ghana and create ubiquitous and unrestricted access to financial services across all segments of society.

CUANet is designed as a centralized hub for digital transactions services for the entire CU community. CUANet will be integrated with multiple 3rd party services like GhIPSS, remittances, ATM networks, mobile money providers, merchants, and billers. CUANet will also enable real-time transactions between member credit unions and fund transfers to other commercial banks in via the GhIPPS integration.

 

“We are very excited about the first phase of the project, where we will launch a mobile banking app for our members bringing their services at par with those offered only by the bigger multi-national banks so far. CUA has always stood by its vision of leveraging technology for social change, CUANet is one big step in that direction,” said Mr. Nana Kwasi Agyepong, CEO of CUA. “Over the next 12 months, we expect to onboard all CU’s in Ghana onto the CUANet platform.” He further added that the Digital Square and PayNet’s high regard for security, service level guarantees, and knowledge of collaborative financial services were the main factors that determined their final choice.

 

 

CUANet will be using PayNet’s secure cloud-hosted platform to launch their services. The service will be built around a digital service hub, which will host each CU as a tenant with apps and web interfaces. CUANet will also allow all of CU’s to manage their own business rules and customer services on the platform. CUANet will be integrated to multiple merchants, remittance houses, billers, and banks in the region. The service will also support multi-channel access via kiosks, ATMs, and support NFC and QR scan-pay transactions. Built on a PCI/DSS certified infrastructure Master/Visa card services will be soon added to the service bouquet.

 

Mr. Kweku Akuamoah, Director at Digital Square www.digitalsquare.cc mentioned that they have been working with the CUA management since over two years to get the CUANet project off the ground, and today marks a big day for Digital Square. Their decision to partner with PayNet for this project was based on the experience that the team bought to the table by launching similar services in Asia.

 

PayNet to provide Mobile Banking for Millions in Ghana | Mobile Wallets | Mobile Payments | PayNet 

 

https://www.paynet.pro/single-post/2018/07/06/PayNet-to-provide-Mobile-Banking-for-Millions-in-Ghana

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