Ghana’s Internet Banking Soars: Transactions Reach GH¢212 Billion
Ghana’s financial landscape is undergoing a rapid transformation, with digital banking leading the charge. According to the 2024 Financial Stability Review, internet banking transactions in Ghana experienced a remarkable surge in 2024, reflecting a broader shift towards digital financial services within the country. This growth, fueled by technological advancements and supportive government policies, signals a significant evolution in how Ghanaians manage their finances.
Internet Banking and Cheque Clearing Dynamics
The report highlights a striking 114.9% increase in the total value of internet banking transactions, reaching an impressive GH¢212.44 billion in 2024. This substantial growth, up from GH¢98.87 billion in 2023, underscores the increasing reliance on online platforms for financial activities. Simultaneously, the value of cheques cleared also saw a considerable rise, increasing by 30.97% to GH¢384.96 billion compared to GH¢293.93 billion the previous year. While the value of cheques cleared increased significantly, the volume of these transactions decreased by a marginal 0.15%. This trend under the Cheque Codeline Clearing (CCC) system suggests that while fewer cheques are being used, those written are for larger sums. The Bank of Ghana attributes this expansion of Ghana’s payments ecosystem to the substantial growth over the last decade, fueled by mobile money services, government support, enhanced regulatory frameworks, increased mobile phone accessibility, and innovation.
Keywords
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