Bank Of Africa Launches Wari Money Transfer In Ghana

BANK OF AFRICA (BOA) –Ghana has launched a new money transfer in Ghana at its headquarters in Accra to meet the needs of the unbanked population in the country.

The product named WARI cash is an international cash funds transfer which allows customers to send and withdraw funds from any BOA branch and agents in Ghana.

The Managing Director of the Bank, Mr. Kobby Andah launching the product said WARI is unique because it was developed by Africans and also works for both local and international transactions.

Mr. Ahitophel Dwomoh, the Head of the Alternative Channels of the bank briefing the media said one does not need an account with Bank of Africa before using WARI transaction.

“The purpose of the platform is 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 said.

Mr. Dwomoh noted that what sets WARI apart from existing money transfer services is its “cheap” 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 GHS1 and GHS5 attract the same charge, those in different bands also attract same charge to reduce the charges on funds transfer.

He also revealed that WARI comes in several packages but they are currently launching the cash-cash with the hope to introduce the cash-card, cash-account and the others in the near future.

Although people in Ghana cannot transfer funds to abroad using WARI, they can receive money from anywhere across the globe.

The WARI product which offers platform to manage innovative financial services such as Money Transfer, Bill Payments (Salaries, Pensions, Insurance Taxes etc.), Phone Credit Sales, Cash to Account and card to cash, I- banking, EMV Transactions and WARI Point of Sale Terminals has come to eliminate some of the challenges experienced by the existing money transfers in the country.

During transaction, WARI generates a transaction code to the receiver's phone automatically and eliminates the problem of code omission.

WARI is available in Ghana and Abroad, therefore allowing individuals who intend to send and receive cash locally and internationally to enjoy the fastest money transfer with convenience.

WARI which was first tested in Senegal is now available in 25 other countries with over 19,000 agents in the world and now in all 19 branches of the BANK OF AFRICA in Ghana.