Digital Payments In Ghana Escalated By 103% In 2020
Based on the current data from the Ghana Interbank Payment & Settlement Systems (GhIPSS), digital transactions in Ghana saw a huge increase both in volume and value in 2020 compared to 2019.
The data showed that a total of 77 million transactions were recorded on all platforms compared to the 38 million transactions in 2019. This represents a 103% rise in digital transactions.
The report showed that the transactions captured in the GhIPSS product performance report include electronic clearing of cheques, Automated Clearing House (ACH), e-zwich, and gh-link. All these saw different increases in transaction volumes.
The data showed that the number one contributor to the increase was Mobile Money Interoperability (MMI). The MMI recorded a total of 43.9 million transactions, indicating a 367% increase from 9 million transactions processed in 2019.
“At the end of 2020, GIP transactions increased by 257% from 1.9 million in 2019 to 6.8 million. GhIPSS also recorded introductory transactions from new services such as Proxy Pay and GhQR code,” the report emphasized.
The Chief Executive Officer of GhIPSS, Archie Hesse stressed that the increase in digital transactions is due to the Covid-19 pandemic.
“The upsurge in the use of these real-time services was largely influenced by COVID-19 related factors such as the 3 weeks lockdown which restricted the physical movements of people, public awareness through extensive education discouraging the handling of physical cash and encouraging the use of electronic alternatives and the incentivization from the financial services industry with fee waivers on their services,” he stressed.
The clearinghouse saw the second-highest volume of instruments showing a 0.10% increase. This brought the whole volume of cheques processed in 2020 to 14.9 million transactions.