- Digital Payments Deepen as Mobile Banking Value Jumps 130.50%
Ghana’s financial system is moving more decisively towards a cash-lite economy, with the value of internet banking transactions surging 80.70% to GH¢383.82 billion in 2025 as consumers and businesses increasingly shift financial activity from physical channels to digital platforms.
The figure, contained in the Bank of Ghana’s 2025 Payment Systems Oversight Annual Report, represents a sharp increase from GH¢212.44 billion recorded in 2024. Transaction volumes rose at an even faster pace, climbing 82.60% from 26.06 million to 47.59 million transactions over the same period.
The acceleration reflects more than the popularity of banking apps and online transfers. It points to a deeper transformation in the way money moves through the Ghanaian economy, as traditional branches, cash counters and ATMs are increasingly complemented by smartphones, digital platforms and electronic merchant payments.
The Bank of Ghana said the country’s electronic payments landscape had undergone significant transformation, driven by “continuous technological innovation, proactive banking sector initiatives, and strong regulatory support.”
That shift is becoming visible across almost every part of the payments ecosystem. Mobile banking recorded an even more dramatic increase in value, rising 130.50% year-on-year, while transaction volumes increased 31.60%.
The difference between growth in value and growth in volume is significant. It suggests mobile banking is increasingly being used not only for routine retail transfers but also for larger-value financial transactions, deepening its role in the formal banking system.
For banks, the economics are compelling. Digital channels allow financial institutions to process a greater number of transactions without expanding physical branch networks at the same pace, potentially reducing the cost of serving customers while widening access to financial services.
For businesses, digital payments provide an equally important benefit: traceability. Electronic transactions create records that can be reconciled, analysed and integrated into accounting systems, with implications for financial management, tax administration, credit assessment and the formalisation of small and medium-sized businesses.
The growth in digital finance could therefore become an important part of Ghana’s wider effort to formalise economic activity. Businesses that previously operated largely in cash can gradually build financial histories that may improve their visibility to lenders and other financial institutions.
But the rapid expansion also increases the consequences of failure. As more money moves through digital channels, the financial system becomes increasingly dependent on telecommunications networks, payment infrastructure, banking technology and cybersecurity.
A prolonged outage or large-scale cyberattack would therefore no longer be merely a technical inconvenience. It could interrupt commercial activity, delay settlements and undermine confidence in the financial system at a time when businesses are becoming increasingly dependent on real-time access to digital payments.
The competitive implications for the banking industry are also significant. Banks are no longer competing principally through branch networks, deposit rates and physical customer service, but increasingly through the quality, speed, reliability and security of their digital platforms.
The rapid rise of fintech companies has intensified that competition. Digital financial service providers can build specialised products around payments, savings, credit, transfers and merchant services without carrying the same physical infrastructure associated with traditional branch-based banking.
The Bank of Ghana’s report shows the pace of innovation remains strong. Regulators approved 53 products and services during 2025, including digital micro-loans, digital savings products, agency banking, mobile banking, internet banking, virtual cards and web acquiring services.
That pipeline suggests Ghana’s digital transformation is still evolving rather than approaching maturity. The competitive frontier is likely to move beyond basic transfers towards increasingly integrated financial services delivered through digital channels.
The policy framework is also shifting accordingly. The central bank and industry stakeholders have finalised a National Payment Systems Strategy for 2025–2029, with a focus on interoperability, instant payments, cybersecurity and the modernisation of core infrastructure.
The strategy is intended to make digital payments more accessible, affordable and secure while strengthening confidence in electronic finance. Its success will increasingly depend on whether infrastructure can keep pace with the scale and value of transactions now moving through the system.
Yet the rapid growth in digital banking should not be mistaken for the disappearance of cash. Ghana remains a largely cash-intensive economy in many informal, rural and low-income segments, where connectivity, device affordability, merchant acceptance and digital literacy can still constrain adoption.
That makes the distinction between a cashless and cash-lite economy important. Electronic payments may become increasingly dominant without eliminating the need for physical currency, particularly among households and businesses operating outside fully formalised financial channels.
Point-of-sale terminals are likely to play an important role in narrowing that gap. While internet and mobile banking change how money is transferred, POS infrastructure directly affects how consumers pay for goods and services at the point of purchase.
The more merchants accept electronic payments, the less need customers have to withdraw cash before transacting. Over time, this could create a reinforcing cycle in which stronger merchant acceptance drives consumer usage, while greater consumer demand encourages more businesses to adopt electronic payment systems.
But adoption will depend heavily on reliability. Merchants and consumers are unlikely to abandon cash if digital transactions frequently fail, experience long delays or become associated with fraud.
That makes trust one of the most important assets in the next stage of Ghana’s financial transformation. The larger the digital ecosystem becomes, the greater the risks associated with cybercrime, identity theft, fraud and system outages.
The Bank of Ghana’s emphasis on secure and resilient payment infrastructure is therefore as important as its support for innovation. The challenge is ensuring that the pace of product development does not outstrip the safeguards required to protect consumers and maintain financial stability.
The GH¢383.82 billion recorded in internet banking transactions should ultimately be read as a measure of changing financial behaviour rather than simply another banking statistic. It shows that more individuals and businesses are becoming comfortable initiating and completing transactions electronically.
It also demonstrates that digital platforms are becoming increasingly important components of Ghana’s wider economic infrastructure. As transaction values rise, the dividing line between banking technology and economic infrastructure becomes progressively thinner.
For Ghana, the next phase of the transformation will therefore be defined less by whether digital adoption continues and more by whether the financial system can make that adoption secure, affordable, resilient and inclusive.
The shift away from cash is already well under way. The challenge now is to ensure that the digital financial architecture growing around it becomes strong enough to support the increasing share of economic activity that depends on it.
