Cheques usage for payment records one percent growth in 2019

Business News of Monday, 27 January 2020

Source: www.ghanaweb.com

2020-01-27

Cheques usage for payment recorded a meager one percent growth in volume.Cheques usage for payment recorded a meager one percent growth in volume.

Data from the Ghana Interbank Payments and Settlements System (GhIPSS) indicates that cheques usage for payment recorded a meager one percent growth in volume as well as a 10 percent drop in the value of transactions for 2019.

According to figures from the GhIPSS’ summary report for 2019, the number of cheques issued in 2018 was 14.7 million, and grew to 14.9 million, but the value of cheque transactions in 2018 was GH¢223.8 billion in 2018 but dropped to GH¢209.9 billion last year.

Chief Executive of the GhIPSS, Archie Hesse, explained that the figures revealed that corporate Ghana was still paying loads of money with cheques rather than using the electronic platform.

Hesse adds that the trend is rather downward and it demonstrates that after a while, GhIPSS would not have to spend money to improve its cheque clearinghouse regime.