The 2024 Financial Stability Review has revealed that the total value of internet banking transactions rose by 114.9% to GH¢212.44 billion, up from GH¢98.87 billion recorded in 2023.

Additionally, the total value of cheques cleared increased by 30.97% to GH¢384.96 billion in 2024, compared to GH¢293.93 billion in 2023.

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However, the volume of cheque transactions declined by 0.15% in 2024. The marginal drop under the Cheque Codeline Clearing (CCC) system indicates that fewer cheques are being written, but for higher amounts.

The Bank of Ghana attributed the growth of Ghana’s payments ecosystem to substantial expansion over the last decade.

"The significant growth is credited to an expansion of mobile money services, robust government support, enhanced regulatory frameworks, increased access to mobile phones, innovation, technological advancements, and an expansion of financial inclusion initiatives," the report stated.

The total value of Ghana Interbank Settlement System (GIS) transactions increased by 78.12% in 2024 to GH¢6.13 trillion, from GH¢3.44 trillion in 2023, despite a 6.07% drop in volumes.

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The Ghana Interbank Payment and Settlement Systems (GhIPSS) Instant Pay (GIP), a real-time interoperable account-to-account credit transfer service, also recorded significant growth in 2024.

The total volume of GIP transactions was 161,158,052, valued at GH¢355.07 billion, compared to 115,368,700 transactions valued at GH¢120.10 billion in 2023.

SSD/MA