E-zwich, Ghana’s biometric payment platform, continues to deliver strong results despite facing some critical challenges.
According to the Bank of Ghana’s (BoG) Summary of Macroeconomic and Financial Data, cumulative enrollment has remained stagnant at 4.0 to 4.2 million between October 2023 and October 2024.
Yet, transaction values tell a different story, nearly doubling from GH₵2.08 billion in October 2023 to GH₵4.1 billion in October 2024.
The sharp rise in transaction value highlights E-zwich’s continued role as a trusted system for disbursing funds, particularly for government-backed programs and high-value transactions.
This is further backed by the BoG’s Payment Systems Oversight Report, which revealed that E-zwich transactions grew by 36.54% in 2023.
Notably, the mid-year spike in transactions, peaking at GH₵3.6 billion in June, has drawn attention. The period aligns with the completion of the academic year, a time when students and trainees receive allowances as they transition to programs like the National Service Scheme (NSS).
Final payments for teacher and nursing trainees, alongside government social intervention programs like LEAP, are also disbursed through the platform around this time.
However, while transaction values continue to climb, E-zwich is grappling with challenges. Reports of E-zwich card shortages at some banks have slowed enrollment growth, frustrating potential new users.
Additionally, competition from mobile money services, which offer faster and more accessible digital transactions, continues to overshadow the platform.
Despite these issues, E-zwich remains critical for ensuring secure and reliable payments, particularly in rural areas where its offline capabilities allow funds to reach those with limited connectivity.
