VaIue of internet banking transactions jump to Ghs 24.2 billion – BoG
The value of Internet banking transactions among Ghanaians for the period between 2019 and 2020 increased by 101.5 percentage points.
Per data contained in the Bank of Ghana’s 2020 Payment Systems Oversight Annual Report, the value of internet banking grew from a value of Ghs 12.01 billion in 2019 to Ghs 24.21 billion at the end of 2020.
The surge in the value of banking transactions over the internet was despite a reduction in the number of registered internet banking customers by 7.88 percent from 1,106,270 in 2019 to 1,019,073 in 2020.
With regards t mobile banking, the Bank noted that for the review period, mobile banking transaction value was GH¢12.94 billion in 2020 up from the GH¢6.69 billion recorded in 2019
Unlike internet banking which witnessed a decline in the number of registered customers, the number of registered mobile banking customers increased by 12.30 percent from 4,245,479 in 2019 to 4,767,719 in 2020.
Mobile money transactions, the Bank further notes in its report, increased year-on-year by 42.27 percent in transactional volume from 2 billion transactions in 2019 to 2.86 billion in 2020.
Total value of transactions also increased year-on-year by 82.37 percent from GH¢ 309.35 billion in 2019 to GH¢ 564.16 billion in 2020.
“Strong quarterly growth was experienced throughout the year with the strongest growth achieved in quarter three (Q3) of 2020 across all the key mobile money indicators,” asserts the BoG in the report.
The report further reveals that the number of mobile money accounts increased by 18.49 percent to 38,473,724 at end of December 2020 from the 2019 position of 32,470,793.
Also, GhIPSS Instant Pay (GIP), a service that permits payments to be sent across financial institutions electronically from a customer’s bank account to a beneficiary bank account increased in both volume and value by 257 percent and 165 percent respectively
In 2020, GhIPSS Instant Pay (GIP) recorded a total volume of 6,804,754 transactions with a value of GH¢9,146.76 million compared with 1,905,267 and GH¢3,456.89 million respectively in 2019.
According to the Central Bank, it within the review period exercised oversight responsibility over the major payment system infrastructures comprising Ghana’s Real Time Gross Settlement (RTGS) system, Cheque Codeline Clearing (CCC) system, Ghana Automated Clearing House (GACH) system, National Biometric Smartcard Payment System – e-zwichTM, National Switching and Processing System – ghlinkTM, GhIPSS Instant Pay (GIP), retail payments interoperability system, Ghana’s Paper Payment Instrument Accreditation Scheme, and the Mobile Money sub-sector.
Adding that it approved thirty-two (32) products and services for various financial institutions compared with a total of thirty-seven (37) and twenty-seven (27) products and services approved in 2019 and 2018 respectively.
The approved products and services it further notes included in-bound remittances, agency banking, micro loans, card issuance, mobile banking, chat banking and Whatsapp banking.
Peruse report below:
2020 Payment Systems Oversight Annual Report November 19 2021 by Fuaad Dodoo on Scribd
