"Internet and mobile banking transactions rise to GHS 80.4bn and GHS 38.7bn"

" \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\n Internet and mobile banking transactions rise to GHS 80.4bn and GHS 38.7bn \r\n\r\nThe banking landscape witnessed notable shifts in 2022, marked by substantial increases in registered Internet and mobile banking customers.\r\n\r\nAccording to the Bank of Ghana's Payment Systems Oversight Annual Report 2022, internet banking customers surged by 16.40%, reaching 1,129,387 from 970,435 in 2021.\r\n\r\nConcurrently, mobile banking customers exhibited a robust growth of 15.38%, escalating from 5,845,960 to 6,745,337 during the same period.\r\n\r\nThis surge in customer registrations was not merely quantitative; it also translated into a pronounced surge in transaction values. The report reveals that the value of internet banking transactions skyrocketed by an impressive 43.03%, reaching \u00a280.43 billion in 2022, a stark contrast to the \u00a256.23 billion recorded in the previous year.\r\n\r\nSimilarly, mobile banking transactions witnessed a substantial uptick, with a growth rate of 47.34%, culminating in a transaction value of \u00a238.47 billion in 2022, up from \u00a226.11 billion in 2021.\r\n\r\nHowever, this digital revolution was not uniform across all banking channels. Despite the surge in online and mobile banking, the cumulative number of ATMs deployed by banks experienced a marginal decline of 0.97%, dropping from 2,278 in 2021 to 2,256 by the end of December 2022.\r\n\r\nThis contrasting trend suggests a nuanced transformation in consumer behavior and banking preferences, with an evident shift away from traditional ATM usage.\r\n\r\nIn contrast to the decline in ATMs, the report outlines a significant uptick in the number of point-of-sale (POS) devices. Throughout 2022, the count of POS devices surged by 6.13%, rising from 12,643 at the end of December 2021 to 13,418 by the close of December 2022.\r\n\r\nThis increase in POS devices underscores a changing financial landscape, reflective of a growing reliance on digital payment methods and an evolving consumer preference for convenient, in-person transactions.\r\n\r\nAs Ghana's financial ecosystem continues to evolve, these trends provide valuable insights into the dynamic interplay between technological advancements and consumer behaviour.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n "

"Internet and mobile banking transactions rise to GHS 80.4bn and GHS 38.7bn"

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