According to the report, transactions between mobile money platforms (mobile money interoperability) and services on the e-zwich platform also contributed to the growth in transaction volumes with 317% and 39% increase respectively.
How mobile money is taking over the finance sector in Ghana, records massive growth in 2019
Ghana Interbank Payments and Settlements System report has shown that the movement of funds from bank accounts into mobile money wallets or accounts recorded 1224% growth in 2019.
“The value of the transactions for 2019 was GH ¢781.6 million, compared to GH¢212.8 million in 2018, and the volume of transaction shot up massively from 2.2 million in 2018 to 9.4 million last year.”
The totals for 2019 comprised of wallet-to-wallet, wallet-to-bank, bank-to-wallet, wallet-to-e-zwich and e-zwich-to-wallet transactions.
Even though transaction volumes increased, the value of these transactions dipped by 8% from GH¢240 billion in 2018 to GH¢220 billion to 2019.
The decline GhIPSS said was as a result of the reduction in the value of interbank cheques that were cleared over the period. While the value of cheques processed in 2018 was GHS149 billion, the total value of interbank cheques processed in 2019 was GH ¢124 billion representing a decline of 16%.
This decline was as a result of the reduction in the value of interbank cheques issued by large corporates who form the majority of customers that issue cheques for business transactions.
GhIPSS emphasized that the growth in the transaction volumes for the e-zwich services can be attributed to the use of this platform by government for the payment of beneficiaries of most of its social intervention programmes.
In 2019, the number of beneficiaries on the LEAP programme paid via e-zwich increased to 323,000 from 213,000 in 2018.
“As the National Payment Systems Infrastructure Provider, GhIPSS is committed to the development of efficient and secure electronic payment platforms in partnership with all players in the industry," it added.
GhIPSS said its focus is to strengthen partnership with Industry players in 2020 and beyond.
It added that it is implementing New Real Time Payment Services and Proxy Pay, which is an overlay service on the GhIPSS Instant Pay service, allowing a customer of a financial institution (Individual or Corporate) to register an alias/proxy identifier (phone number) as part of their account details.
The financial services industry is set to experience significant transformation.
Key trends may include demand for seamless payment experiences and cross-border e-commerce
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