GCB Bank Limited, Ghana’s largest indigenous financial institution and Ria Money Transfer, on Tuesday launched a new Remittance Pay out Service.

The Remittance Pay out Service, which is a collaborative flagship product, could be used to make bill payments, check cash, money transfer as well as currency exchange.

The Ria Money Transfer is the third largest money transfer company in the world and a global leader in money remittances.

Speaking at the launch, Mrs Doris Wunu, Head of Consumer Banking, GCB Bank Limited, said the company has been contributing towards making Ghana a cashless society and the launch of the new Remittance Pay out Service attests to that fact.

“The Remittance Pay out Service will serve the purposes of technological advancement, greater convenience to customers and also break the grounds in the electronic payment industry,” she said.

She added that the Remittance Pay out Service, which is available in Europe, Asia, North America and online in the United States, has become part of the services of GCB Bank following request from customers.

“Ria is going to assist our customers in their daily transactions as well as corporate entities,” she said.

Mrs Wunu noted that the Remittance Pay out Service which could be used by individuals to make payments online is secure, safe and economical.

Mr Simon Dornoo, Managing Director, GCB Bank Limited, noted that GCB has been playing a role in facilitating transfers of money to the remotest areas in the country to sustain livelihoods.

“In this regard and in furtherance of our commitment to be your bank for life, GCB can now make money remittance services even more accessible to our customers and clients by expanding our geographical coverage to include the Americas and Asia-Pacific,” he said.

“This agreement with global brand Ria well-positions GCB as the leading partner in the money transfer business in Ghana,” he said.

According to Mr Dornoo, the Greenback 2.0 report published in July 2015, indicated that remittances, which were the second highest international inflow of funds to developing nations including Ghana, was expected to reach $ 440 billion in 2015.

“And Ria’s global network will afford GCB the opportunity to mobilise remittances from Ghanaians in the Diaspora for their relatives at home,” Mr Dornoo said.

Mr Robert Kotei, Operations Director, Ria Africa and Mr El Hadj Malick Seck, Managing Director, Ria Africa observed that the collaboration would serve as a perfect tool for money transfers, as users could transfer funds from their accounts to relatives by employing the use of their Remittance Pay out Service.

“Our agreement with GCB Bank Limited gives more choice to Ghanaians and others living abroad to send money home to their family and friends.

“This partnership is also aligned with Ria’s vision to improve financial inclusion worldwide, and GCB’s branch spread will allow more affordable remittances to flow in a fast and secure way to people in harder to reach places,” Mr Seck said.

As part of events making the launch, GCB Bank Limited, rewarded Mr Thomas Owusu, a customer with the Kwame Nkrumah Circle Branch with a cheque for GH¢ 2,000.00 for being the first customer to transact business with the service.

Mr Owusu observed the service is fast and meets the needs of individuals and the merchant society.