BoG Reports 22.9% Growth in Internet Banking Transactions Reaching Almost GHS 100 Billion in 2023
The Bank of Ghana’s 2023 Payment Oversight Annual Report highlights significant growth in the country’s digital payment ecosystem, with the total value of internet banking transactions rising 22.90% to GHS 98.87 billion, up from GHS 80.44 billion in 2022.
Internet banking volumes also saw a sharp 30.65% increase to 13.5 million transactions, while the number of registered users grew by 16.60% to 1.32 million.
Mobile banking posted even more impressive gains, with the value of transactions more than doubling to GHS 80.40 billion, compared to GHS 38.48 billion in 2022.
The number of mobile banking customers surged by 51.54%, reaching 7.29 million. The total volume of mobile banking transactions inched up to 66.94 million from 65.32 million the previous year.
E-zwich, the country’s biometric smart card payment system, also showed robust growth. The number of e-zwich cardholders increased by 11.63% to 4.05 million in 2023, while transaction volumes rose by 17.19% to 7.22 million.
The total value of e-zwich transactions expanded by 36.54% to GHS 20 billion, reflecting broader efforts to promote financial inclusion.
Meanwhile, the GhIPSS Instant Pay (GIP) platform registered a remarkable 50.84% jump in transaction volumes to 115.37 million in 2023, while the total value of transactions surged 104.61% to GHS 120.10 billion, compared with GHS 58.70 billion in 2022.
The report underscores the rapid adoption of digital payment systems across Ghana’s economy, as the central bank continues to push for greater financial integration and the digitisation of financial services.
