Capital Bank, Allied Oil Launch SpeedPay

Capital Bank, one of the fasting growing financial institutions in the country, in collaboration with Allied Oil, an oil marketing company, yesterday launched SpeedPay, a money voucher used to deposit money into a bank account and make payments online in Accra.

SpeedPay, previously called Speedbanking, was developed and introduced in 2011 to facilitate cash deposit into customers' savings and current accounts.

By the partnership, Capital Bank's SpeedPay money vouchers would be available in all Allied Oil filling stations nationwide.

Fitzgerald Odonkor, Managing Director of Capital Bank, said the bank was currently deploying over 38 sophisticated ATMs that allowed customers to do interbank and intra-bank funds transfer from their Capital Bank account to any bank through the Ghana Instant Pay platform and also through the bank's internet banking platform.

“Capital Bank has also partnered Opportunity International Savings & Loans to make Capital Bank's money transfer solutions available in a combined total of about 60 outlets made up of Opportunity International's 42 outlets and Capital Bank's 18 branches.”

Eunice Brocke, Head of Retail Banking, Capital bank, in a remark, said the bank's efforts toward the development of payment solutions to easily facilitate banking transactions continued unabated.

“We currently have 35 distributors of SpeedPay cards that make it possible for customers to undertake electronic deposit transactions across the country. Today's partnership with Allied Oil will increase the distribution channels of our flagship product to 51.

“Our strategy is to further increase the distribution channels to over a 100 by the end of year.”

Elliot Mawuli Okudzeto, Managing Director of Allied Oil, said his outfit was enthused by the partnership since it would facilitate the electronic payment of petroleum products bought from Allied Oil filling stations nationwide.

A business desk report