Payment system transactions in focus

The Bank of Ghana in its latest news highlights published the Payment Systems Oversight Annual Report, 2018. According to the 22-page report, all the major non-cash payment streams in 2018 compared to the previous year 2017 showed significant increases in both volume and value of transactions, except Ghana Interbank Settlements (GIS) and the Cheque Codeline Clearing (CCC) which recorded a decline in value and volume of transactions respectively.

In detail, the total volume of Ghana Interbank Settlement (GIS) transactions recorded an annual growth of 30.76% to GH¢1.22million in 2018. The total value of transactions, however, decreased by 5.78% to GH¢1,963.47billion- resulting in a decline of the average value per transactions of 27.9% to GH¢1.61million.

Concerning Cheque Codeline Clearing (CCC), the total volume of interbank cheques cleared in 2018 declined by 1.1% to GH¢7.26million in 2018. The value of transactions, however, went up by 13.3 percent to GH¢203.5billion. From the central bank’s perspective, the marginal decline of growth in the volume of interbank cheques can partly be attributed to increased adoption of other digital payment options, such as mobile money and GhIPSS Instant Pay.

The report also provides insight into the total volumes and values of transactions relating to E-Zwich, Ghana Automated Clearing House (GACH/Direct Debit & Credit), Gh-Link (National Switch), GhIPSS Instant Pay and mobile money. Mobile money continues to record higher gains over the years, due to easy access or rapid penetration of mobile phones in the country. The table below provides a summary of total transactions of non-cash payment systems for the period in focus.

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Total Transactions of Non-cash Payment Systems


Payment System



                     2018       Change 2018     % Change 2018


Value (GH¢) Volume (GH¢) Value




Value (GH¢m) Volume Value
GIS 934,234 2,083,846.27 1,221,650 1,963,465.27 287,416 -120,381 30.76 -5.78
CCC 7,334,460 179,555.47 7,255,220 203,465.32 -79,240 23,910 -1.08 13.32
GACH Direct Credit 6,061,093 24,327.26 6,645,126 30,226.94 584,033 5,900 9.64 24.25
GACH Direct Debit 940,649 126.28 861,169 139.15 -79,480 13 -8.45 10.19
E-Zwich 8,367,017 3,431.49 7,759,354 5,651.14 -607,663 2,220 -7.26 64.68
gh-link 2,340,409 603.43 1,830,182 543.74 -510,227 -60 -21.8 -9.94
GhIPSS Instant Pay (GIP) 41,795 83.23 143,879 534.04 102,084 451 244.25 541.64
Mobile Money 981,564,563 155,844.84 1,454,470,801 223,207.23 472,906,238 67,362 48.18 43.22

 (Source BoG: Payment Systems Oversight Annual Report 2018)


In fact, the emergence of other payment systems due to technological innovations has led to a general decline regarding the usage or volume of cheques. This has threatened the future


relevance of cheques in the economy of countries across the world. In Africa, for instance, the Bank of Namibia together with Payment Association of Namibia and Namclear (Namibia Clearing House) took a far-reaching decision that has since June 2019 phased out the usage of cheques as a payment instrument within the country’s payment system. Will Ghana follow suit? Time will tell. Thank you for reading. God bless You!

This script was written by a Chartered Banker with a flair for feature writing. He works for a company which provides financial services. Apart from his work schedules, he edits or proof-reads corporate material for his colleagues, executive managers – including distinguished professionals working in various fields outside Banking. Through this column, his articles feature on third-party online media platforms in Ghana and outside. Email:

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