Ghana: Annual value of digital transactions pegged at $2.93bn
Annual total value of digital transactions in the country has been estimated at $2.98bn by Kepios, a global strategic marketing consultancy firm.
Digital payments, Kepios noted in its February 2022 report on digital trends in the country, include that if mobile money transactions, online banking, use of credit and debit cards as well as payments for goods and services purchased online.
According to the report, year-on-year change in the value of digital transactions amounted to $686m marking a 30.5 percentage points increment.
It further noted that currently, there are some 7.78 million Ghanaians making digital transactions in the country – this is out of the over 30 million Ghanaian population.
Touching on the progress made in the area of financial inclusion with the introduction of digital payments, Kepios in its Digital 2022, noted 38.9% of the Ghanaian population have mobile money accounts, 42.3% of the population have an account with a financial institution, 5.8% and 18.6% of the population own credit cards and debit cards respectively.
Adding that, over the past one year, 49.5% of the population have made or received digital payments, with 35.5% of the population undertaking online banking transactions.
Meanwhile, the purchase of goods online by Ghanaians as at February 2022, Kepios says has reached $3.98bn.
The reported figure by Kepios marks a year-on-year increase of $954m in the purchase of goods online by consumers.
In its report, Kepios asserts that the average annual revenue for e-commerce sites from consumer goods purchased online is $511, also marking a year-on-year increase of $55.
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The recorded increment in the total annual amount used in the purchase of consumer goods online can be attributed to the additional 1.2m consumers who now purchase goods online.
With the addition of the 1.2m consumers, the total number of Ghanaians making consumer goods purchases online now stand at 7.78m people.
Giving a breakdown of the consumer goods purchases made, Kepios in its report noted electronic gadgets accounted for $1.36bn of the total amount, making it the most purchased online consumer good.
Following the purchase of electronic gadgets was fashion (clothes) with a total amount of $1.22bn.
Furniture, toys, personal and household care, food, beverages and physical media accounted for $163m, $336m, $489m, $316m, $64.5m and $28.2m respectively.
On a weekly basis, the report posits that 28.2% of the total 7.78m consumers purchase a product or service online.
Groceries ordered via online was made by 11.8% of consumers, with 10.2% of consumers purchasing a second-hand item.
Still on a weekly basis, 8.9% of the total 7.78m consumers used a buy now and pay later service.
Kepios is a strategy consultancy that helps organisations all over the world make sense of people evolving digital behaviour and understand what these changes mean for ongoing success.
