By Ebenezer Chike Adjei NJOKU ([email protected]m )
The shift toward an increasingly cashlite economy continues to gain momentum as the domestic non-cash payment ecosystem demonstrates sustained growth, driven by the widespread adoption of mobile money leading the charge among digital payment platforms.
The latest macroeconomic and financial data from the Bank of Ghana (BoG) revealed growth across key segments in the year’s first ten months.
Mobile money growth unabated
According to data, transaction volumes for mobile money platforms surged from 615 million to 728 million over the same period while their value climbed from GH¢179.2billion to GH¢298.6billion, a growth rate of over 67 percent. This brought the total value of transactions across platforms to GH¢2.36trillion.
On the same tangent, registered mobile money accounts rose steadily – reaching 71.9 million by October 2024 compared to 64 million the year prior, a 12.3 percent increase.
However, active mobile money accounts – which transacted at least once in the 90 days prior to reporting – showed fluctuating engagement, peaking at 24.4 million in June before ending October at 23.3 million. This represents a modest increase from 22.1million recorded in October 2023.
The ecosystem also saw a notable shift in agent dynamics as registered agents grew from 809,000 in October 2023 to 872,000 by October 2024, yet active agents – who transacted at least once in the 30 days prior to the report – decreased from 544,000 to 404,000 in the same period.
In mobile money interoperability, transaction volumes grew from 15.7 million to 19 million; however, the monthly value of transactions remained fairly flat with a GH¢2.5billion average. May and October 2024 however recorded the highest value of monthly mobile money interoperability transactions at GH¢2.8billion.
Others
The broader digital payment landscape showcased varying levels of performance. Ghipss Instant Pay (GIP), which facilitates high-value transfers, emerged as a standout performer.
Its transaction value leaped from GH¢12.1billion in October 2023 to GH¢41.5billion by October 2024 – a 244 percent growth. Transaction volumes also increased steadily, reaching 16.1 million in October 2024.
Traditional payment systems like cheque clearing, though less dynamic, maintained relevance for high-value transactions. The value of cleared cheques rose from GH¢25.8billion in October 2023 to GH¢38billion in October 2024.
Automated Clearing House (ACH) payments, which include direct debits and credits, continued to gain traction.
ACH direct debit transaction values grew by 52 percent, reaching GH¢327.6million by October 2024 compared to the previous year, while ACH direct credit recorded an increase from GH¢7.9billion to GH¢11.7billion over the same period.
The E-zwich platform recorded significant growth in transaction values, rising from GH¢ 2.1billion to GH¢4.1billion within the year. This increase underscores the platform’s role in government disbursements and payroll management.
However, challenges persist in the payment landscape. The decline in active agents, alongside uneven growth in Point-of-Sale (POS) terminals and payment cards, points to potential bottlenecks in infrastructure and adoption.
While PoS deployments grew from 14,497 in October 2023 to 16,342 in October 2024, the number of automated teller machines (ATMs) remained largely static – hovering at around 2,280 units throughout the year.
Internet banking saw significant gains, with transaction values nearly doubling from GH¢10.4billion in October 2023 to GH¢22.3billion by October 2024. Transaction volumes also increased steadily, highlighting growing confidence in digital banking solutions.
Market observers suggest that sustained growth in the non-cash payment ecosystem will require further targetted interventions, if the nation is to attain it’s cashless goals and contribute more to global non-cash transaction figures.
This comes as the World Payments Report 2025 by Capgemini Research Institute showed that global non-cash transaction volumes reached 1.411 trillion in 2023 and are projected to increase to 1.65 trillion in 2024.
By 2028, this figure is expected to soar to an extraordinary 2.838 trillion. Additionally, the report forecasts that instant payments will constitute 22 percent of all non-cash transaction volumes globally by 2028.
