With the Sponsored Wallet, GhanaPay mobile money users can allocate a specific amount of money from their GhanaPay wallet to a chosen beneficiary.
This allows the beneficiary to spend the allocated funds directly on his or her phone without the need for a transfer.
The sponsor determines the amount and spending duration, with options to set daily or monthly limits on expenditures. Sponsors can also beneficiaries from their list at any time. Importantly, there are no transfer charges for using this service. Transaction details are accessible through SMS alerts and wallet statements, allowing sponsors to monitor spending.
For a beneficiary to access the Sponsored Wallet, they must also have a GhanaPay wallet. This feature enhances the utility of GhanaPay mobile money, making it particularly useful for parents who wish to remit funds to their wards while preventing misuse of the money.
Samuel Darko, Head of GhanaPay at Ghana Interbank Payment and Settlement Systems Ltd (GhIPSS), explained that the Sponsored Wallet service offered significant flexibility to GhanaPay users, allowing them to remit specific individuals without incurring transfer charges.
