by Elorm Desewu
The GhIPSS Instant Pay (GIP) has recorded a significant increase in both transaction volumes and value at the end of 2023, according to data from the Bank of Ghana, (BoG).
At the end of 2023, a total volume of 115,368,700 transactions were with a total value of GH¢120.10 billion compared with a total volume and value of 76,483,008 and GH¢58.70 billion, respectively, in 2022. This showed an increase of 50.84 per cent in transaction volumes and 104.61 per cent increase in transaction values.
The GIS system is the Real Time Gross Settlement (RTGS) system and serves as the large value funds transfer system, the settlement platform for gross payments, and the cash-leg of securities transactions.
In 2023, the total volume of GIS transactions increased slightly by 2.1 per cent to 1,420,679. Similarly, the total value of transactions increased significantly by 49.0 per cent to GH¢3,443.98 billion. On average, the value per transaction was GH¢2.42 million in 2023 compared with GH¢1.66 million in 2022, showing an increase of 45.9 per cent
In 2023, the volume of inter-bank cheques cleared reduced by 244,995, representing a 4.3 per cent decline, compared to a decline of 3.4 per cent in 2022. The total value of cheques cleared, however, increased by 15.5 per cent to GH¢293.93 billion in 2023. There has been a systematic decline in the volume of cheque transactions over the past few years which is attributable to increased availability and usage of new instant payment instruments.
The total volume of transactions cleared through the direct credit system declined by 3.2 per cent to 9,494,967 in 2023. The decline in volume of transactions could be attributed to the adoption of other instantaneous payment platforms such as the GIP, mobile money and mobile money interoperability.
The total value of direct credit transfers increased byGH¢12.10 billion, representing an increase of 15.8 per cent. The growth was driven by institutional payments including pensions, salaries, and business-to-business payments.
In 2023, the total volume of direct debit transactions declined by 91,543 (10.90 per cent) from 840,369 in 2022. The total value of transactions, however, increased by GH¢784 million to GH¢2,433 million (47.53 per cent). The average value per transaction increased from GH¢1,962 in 2022 to GH¢3,248 representing an increase of 65.56 per cent.
Also, the number of e-zwich cardholders increased by 11.63 per cent to 4,047,066. The total volume of e-zwich transactions increased by 17.19 per cent to 7,218,198 in 2023, while the total value of transactions increased by 36.54 per cent to GH¢20,002 million in 2023. The results reflected a growth in access and usage of Ghana’s biometric smart card payment system and the Bank’s efforts at engendering inclusive financing.
Additionally, the gh-linkTM platform recorded a total volume of transactions of 1,032,484 compared to 1,018,456 in 2022. The value of transactions in 2023 was GH¢688.12 million compared to GH¢551.30 million in 2022, representing a 24.82 per cent growth. ATM transactions continued to dominate the gh-linkTM platform and constituted 98.30 per cent of the total value of transactions.
The number of registered internet banking customers increased by 16.60 per cent to 1,317,003 in 2023. Similarly, the number of registered mobile banking customers increased by 51.54 per cent to 7,287,579 in 2023.
The total value of internet banking transactions increased by 22.90 per cent to GH¢98.87 billion in 2023 compared with GH¢80.44 billion in 2022. Total volume of internet banking transactions also increased by 30.65 per cent to 13,501,492 in 2023. The value of mobile banking transactions was GH¢80.40 billion in 2023 compared to GH¢38.48 billion in 2022. The volume of mobile banking transactions was 66,941,069 in 2023 compared to 65,322,898 in 2022.
The cumulative number of ATMs deployed by banks at end-December 2023 was 2,287. The total number of debit cards issued by banks as at endDecember 2023 was 6,050,264 showing an increase of 17.55 per cent as against 5,147,066 cards issued in 2022. The number of international scheme debit cards issued amounted to 4,885,882 and constituted 80.80 per cent of the total issued debit cards, compared with banks proprietary cards of 1,164,382 which constituted 19.30 per cent.
International scheme cards increased by 25.40 per cent while banks’ proprietary cards declined by 6.90 per cent in 2023.
The number of registered internet banking customers increased by 16.60 per cent to 1,317,003 in 2023. Similarly, the number of registered mobile banking customers increased by 51.54 per cent to 7,287,579 in 2023. The total value of internet banking transactions increased by 22.90 per cent to GH¢98.87 billion in 2023 compared with GH¢80.44 billion in 2022.
Total volume of internet banking transactions also increased by 30.65 per cent to 13,501,492 in 2023. The value of mobile banking transactions was GH¢80.40 billion in 2023 compared to GH¢38.48 billion in 2022.
The volume of mobile banking transactions was 66,941,069 in 2023 compared to 65,322,898 in 2022. The number of POS terminals declined by 6.91 per cent to 12,491 at endDecember 2023. The decline was attributed to some commercial banks decommissioning of non-functional POS terminals on the market.
The number of credit cards issued as at end-December 2023 increased by 11.40 per cent to 54,082. The increase was on account of approvals granted to two (2) additional banks to issue credit cards.
