Ghana’s financial sector witnessed unprecedented digital transaction growth last year, with internet banking values more than doubling as consumers and businesses embraced online platforms.
According to the Bank of Ghana’s 2024 Financial Stability Review, internet-based payments skyrocketed by 114.9% to GH¢212.44 billion, up sharply from GH¢98.87 billion in 2023.
Cheque values also climbed significantly despite fading volume, rising nearly 31% to GH¢384.96 billion even as transaction numbers dipped slightly under the Cheque Codeline Clearing system. This paradox hints at larger average transaction sizes as digital alternatives gain traction.
The central bank credits this boom to a decade of payment system evolution, fueled by explosive mobile money adoption, supportive regulations, and rising smartphone access. Ghana Interbank Settlement System (GIS) figures reflect this shift—total values leapt 78.12% to GH¢6.13 trillion despite a 6% drop in volume.
Real-time payments shone brightest. The Instant Pay (GIP) service handled 161.16 million transactions worth GH¢355.07 billion, dwarfing 2023’s GH¢120.10 billion. You can now send money between accounts in seconds, a convenience driving this surge.
“These trends confirm a structural move toward faster, efficient digital channels,” the report stated, noting dwindling reliance on traditional methods. With fintech innovation accelerating and financial inclusion widening, Ghana’s cashless transformation shows no signs of slowing.