The electronic payments transactions that go through the Ghana Interbank Payment and Settlement Systems Limited has increased by 42%.

This was disclosed at a press engagement organised by the National Switch provider in Accra last Friday.

GhIPSS processed a total number of 38 million interbank transactions in 2019 representing, a 42% increase over 2018 in which 26 million transactions were processed.

The 2019 performance was driven by the growth in the use of the GhIPSS Instant Pay (GIP) service to move funds from bank accounts into mobile money wallets which grew by 1224% when compared to 2018 volumes.

Similarly, transactions between mobile money platforms (mobile money interoperability) and services on the  e-zwich platform also contributed to the growth in transaction volumes  with 317% and 39% increase respectively.

Even though transaction volumes increased, the value of these transactions dipped by 8% from GHC 240 billion in 2018 to GHC 220 billion to 2019.

This decline was as a result of the reduction in the value of interbank cheques that were cleared over the period.

While the value of cheques processed in 2018 was GhC149 billion, for the same period in 2019, total value of interbank cheques processed was Ghc124 billion representing a decline of 16%.

This decline was as a results of the reduction in the value of interbank cheques issued by large corporates who form the majority of customers who issue cheques for business transactions.

In line with global trend, electronic payments in Ghana are gravitating towards mobile payments, especially with the introduction of the real time and digital financial services.

Most organisations are also beginning to appreciate the security and convenience that come with the use of electronic funds transfer services like ACH Direct Credit.

The growth in the transaction volumes for the e-zwich services can be attributed to the use of this platform by government for the payment of beneficiaries of most of its social intervention programmes.

In 2019, the number of beneficiaries on the LEAP programme paid via e-zwich increased from 213 thousand households in 2018 to 323 thousand in 2019.  

As the National Payment Systems Infrastructure Provider, GhIPSS is committed to the development of efficient and secure electronic payment platforms in partnership with all players in the industry.


  • Francis Amoah Nuako

    Francis Amoah Nuako, professionally known as PC Boss, is a Ghanaian blogger and SEO expert. He is the founder of PC Boss Online, a tech blog that publishes technology-related articles primarily for Ghanaian audiences. He holds a Bachelor of Science in Nursing (BSc Nursing) and a Bachelor of Science in Information Technology (BSc Information Technology) from the University of Health and Allied Sciences and Ghana Communication Technology University, respectively.