Ghana’s financial sector saw record growth in digital transactions in 2024, with internet banking value more than doubling, according to the Bank of Ghana’s 2024 Financial Stability Review.
Internet banking transactions surged by 114.9% to GH¢212.44 billion, compared to GH¢98.87 billion in 2023. This leap reflects the increasing trust and reliance on digital banking platforms by consumers and businesses.
Cheque transactions also recorded notable gains in value, rising 30.97% to GH¢384.96 billion in 2024 from GH¢293.93 billion in 2023.
However, the volume of cheques issued fell slightly by 0.15% under the Cheque Codeline Clearing (CCC) system, indicating fewer transactions but of larger amounts.
The Bank of Ghana attributed the overall surge in payment activity to a decade-long expansion in Ghana’s payment ecosystem, driven by widespread mobile money adoption, strong government support, favourable regulations, increased smartphone penetration, technological innovations, and broader financial inclusion efforts.
The Ghana Interbank Settlement System (GIS) saw transaction values climb 78.12% to GH¢6.13 trillion in 2024, up from GH¢3.44 trillion the previous year, despite a 6.07% decline in transaction volumes.
The Ghana Interbank Payment and Settlement Systems Instant Pay (GIP) service, which enables real-time, account-to-account transfers, also reported strong performance.
Transaction volumes rose from 115.37 million in 2023 to 161.16 million in 2024, while total value jumped from GH¢120.10 billion to GH¢355.07 billion.
The report emphasised that these developments underscore Ghana’s accelerating shift toward digital financial services and the growing preference for faster, more efficient payment channels over traditional methods.
