Bank Transfers Rise as Ghana’s Digital Payments Ecosystem Broadens
Beyond mobile money, Ghana’s broader digital payments ecosystem continued to expand in 2025, though growth remained uneven across platforms, highlighting where efficiency gains for businesses are emerging — and where structural constraints persist.
Data from the Bank of Ghana show that instant account-to-account transfers via the GhIPSS Instant Pay (GIP) platform recorded the highest transaction values outside mobile money. GIP transactions reached 73.3 billion cedis in December, up from 45.5 billion cedis a year earlier, while volumes rose to 21.2 million from 16.6 million. The growth reflects rising use by businesses for supplier payments, payroll and higher-value retail transactions.
For larger firms, GIP’s expansion points to a gradual shift toward faster bank-based settlement, particularly as mobile money transaction limits restrict higher-value payments. Even so, GIP volumes remain small relative to mobile money, underscoring the continued dominance of wallet-based payments in mass-market commerce.
Internet banking activity also increased. Transaction values climbed to 44.5 billion cedis in December from 33.5 billion cedis a year earlier, while volumes rose to 5.4 million from 3.1 million, suggesting broader adoption by businesses and salaried users for bill payments, transfers and account management.
By contrast, Automated Clearing House (ACH) payments showed weaker momentum. ACH direct credit transactions totaled 14.0 billion cedis in December, while direct debits amounted to 334.3 million cedis. Volumes fluctuated during the year, pointing to limited uptake for recurring payments such as utilities, subscriptions and loan repayments.
Cheque usage continued to lose relevance. Transaction values stood at 37.3 billion cedis in December, with volumes at 462,000, reinforcing the steady shift away from paper-based instruments, even for corporate and government transactions.
Card infrastructure expanded, though usage growth remained modest. Point-of-sale terminals increased to 18,117 in December from 15,597 a year earlier. Debit cards in circulation declined to 5.7 million from 6.5 million at the end of 2024, while credit cards remained marginal, with about 72,000 issued nationwide.
Legacy platforms such as e-zwich and Gh-Link recorded limited growth. E-zwich transaction values totaled 3.4 billion cedis in December, while Gh-Link transactions amounted to 76.6 million cedis, underscoring their diminishing role in mainstream commercial activity.
Overall, the data point to a payments landscape dominated by mobile money for volume and reach, complemented by instant bank transfers for higher-value transactions. Weaknesses persist in recurring payment systems, card penetration and platform integration.
As digital transaction volumes rise alongside easing inflation and more stable liquidity conditions, improving interoperability, scaling ACH usage and lowering transaction costs will be critical to boosting efficiency for businesses and supporting more formal, scalable commercial activity across Ghana’s economy.
