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A GNA feature by Paul Eduarko Richardson
Accra, Aug. 23, GNA – “Awww! Glory be to God! What we’ve been praying for is here. Now, we can get money from Daddy, any day, any time,” Mercy Yeboah, 37, screeched at the launch of Freedom Bank Account in Accra recently by Tranzfar.
With a broad smile, she tells the Ghana News Agency that the launch of the Account is a dream come true because she struggles to get money from her husband abroad to take care of their three children – two boys, and one girl in the Eastern Region.
“On a few occasions, sums of money sent through friends and some transfer systems went missing,” she recalls with a dejected look.
Thousands and perhaps some millions of Ghanaians have bitter experiences of not being able to access money from relations and friends abroad for one reason or the other.
This is the gap Freedom Bank Account has come to bridge.
It is a United Kingdom-based financial technology company offering users a fast, reliable and customer friendly service online through its website and mobile application.
Tranzfar’s operations cut across remittances, digital banking and payments infrastructure.
Its driving force is the need to financially connect the global diaspora to the rest of the world.
On Thursday August 17 in Accra, the Company launched for the first time in Africa its product, the Freedom Bank Account, which is targeted mainly at users from Africa.
The platform provides users with a functional digital bank account that enables them to send and receive money instantly, set up standing orders and direct debits, and access other banking features.
Ghanaian users can send and receive money from other African countries, Asia, Europe, America and other parts of the globe.
The Account is targeted at people such as students, who can use it to pay for overseas school tuition, accommodation and maintenance cost, and those who want to have access to global currency when abroad.
It is targeted also at small businesses that want to grow global customer base, online businesses, and consultancy businesses that offer services from Ghana and want to receive money from global customers, who pay in pounds, dollars and euros.
Those who live in Ghana but want to save money in foreign currency can also use the Account.
It is also open to larger institutions or businesses like financial institutions and other Fintech companies.
Mr Ryan Romeo, Co-Founder and Chief Executive Officer, Tranzfar, says the Freedom Bank Account is unique from other similar products in several ways.
He says users can own an account in the UK even if they are non-UK residents, and can have a real account, which is advantageous over the wallet system.
The account offers insured deposits up to £85,000 and users can hold multiple currency in pounds, dollars, and euros.
He says the account offers multiple payment systems and charges a fixed fee of £0.50 for both inbound and outbound payments irrespective of the amount, with a 24-hour customer service.
The Freedom Bank Account is accessible through mobile applications that can be downloaded from Android or iOS. It can also be accessed on the website.
Mr Romeo indicates that Tranzfar has strategic partnerships with various institutions in jurisdictions such as the USA, UK, and EU that offer biometric services for the onboarding and verification of customers.
He says deposited funds are protected by the UK Financial Services Compensation Scheme.
Dr Olusiji Sanya, Co-Founder and Chief Financial Officer, Tranzfar, assures that the product will help Ghanaians just as it has helped existing users.
“The Freedom Bank Account has helped existing users so far by giving them access to the banking features that we promised, and they have been enjoying this new experience without issues or complaint,” Dr Sanya says.
He emphasises the Company’s philosophy of freedom, and its commitment to fairness and local impact.
“Apart from introducing the product, we are here to partner. We are here to speak to Ghanaian businesses and other Fintech companies. We are also bringing value to the table and leaving value in the system,” he says.
After Ghana, the Company intends to launch the Freedom Bank Account in Nigeria, Kenya, other countries in Europe, Canada, USA, Mexico, India and China.
Tranzfar has been operating since 2017 and currently has over 50,000 customers.
The Deputy Minister for Trade and Industry, Dr Stephen Amoah, who was at the launch, the Account will boost the Ghanaian economy, particularly by enhancing remittance flows, and promoting entrepreneurship, trade, and industry.
“We all have to accord Tranzfar the needed corporation and support because this is what we need as a developing economy. This is what every entrepreneur, every investor, every company, and every country needs, because the globe has become a small village,” Dr Amoah says.
Dr Joseph Obeng, President, Ghana Union of Trade Associations (GUTA) tells the Ghana News Agency that, one major challenge traders face in Ghana regarding payments is unstable local currency and exchange rates.
He mentions the time factor, with some payment systems taking between one to three days for the recipient to access the transfer.
The other challenge he mentions is the charges on transfers.
He indicates that to promote trade, it is important to have a stable exchange, stable local currency, and real-time transfers that enable the recipient to have access within a reasonable time, and moderate transfer charges.
He says trade facilitation is about time and ease of doing business and that any transfer system that seeks to solve these problems will be bringing solution to the trading community.
“A system that will facilitate trading in terms of time, cost and ease—a product that brings solution in this regard is welcome for traders. Whatever that product seeks to bring should be communicated to traders and all Ghanaians so, that it can be adopted as a way of doing business,” the GUTA President advises.
It is about a week after the launch of the Account, but the celebration continues as Mercy and a million others are beginning to enjoy the services of Tranzfar.
GNA
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