GhIPSS Records 81% Growth in Use of Electronic Payment Channels in the 1st quarter of 2020

GhIPSS Records 81% Growth in Use of Electronic Payment Channels in the 1st quarter of 2020

The latest figure from the Ghana Interbank Payment and Settlement Systems indicates that the volume of transactions done through electronic payment channels has increased by 81 percent in the first quarter of this year compared to the same period last year.

According to GhIPSS, the latest figure shows that the total volume of transactions spanning January to March 2020, stood at over 13 million cedis compared to about 7.2 million cedis transactions done in the same period of last year.

The Chief Executive Officer of Ghana Interbank Payment and Settlement Systems (GhIPSS), Archie Hesse, described the significant growth as a prudent indication of how people are gradually embracing electronic payments.

The transactions captured in the GhIPSS product performance report include electronic clearing of cheques, Automated Clearing House (ACH), e-zwich and gh-link. The rest are GhIPSS Instant Pay and Mobile Money Interoperability,” he said.

“While the total volume of all the transactions put together went up by 81 percent, specific channels such as GhIPSS Instant Pay saw a huge growth of almost 700 percent while Mobile Money Interoperability grew by over 350 percent, in the first quarter,” he added.

The service was introduced in May 2018, recording about 100,000 transactions in its first few weeks.

With the introduction of the electronic payments in the country, customers and businesses now do financial transactions and pay for goods and services through the platform without necessarily using cash and also avoiding the complexities that come with transfers.

The electronic payment system has also been seen as a significant vehicle to deepen financial inclusion to promote cashless transactions in Ghana.