Ghana has emerged as the only African country with fully interoperable multiple instant payment systems (IPS), according to KPMG’s 2024 West Africa Banking Industry Customer Experience Survey. The country outperforms regional peers such as Morocco, South Africa, Egypt, Nigeria, Kenya, and Tanzania in digital payment integration.
The State of Inclusive Instant Payment Systems in Africa Report 2024 highlights that Africa has 28 IPS spread across 20 countries, with only seven nations operating multiple IPS. However, Ghana stands out as the only country where these systems are fully interoperable, allowing seamless fund transfers between different platforms.
Ghana operates two key IPS: the GhIPSS Instant Pay (GIP) and Mobile Money Interoperability (MMI), both of which interact seamlessly, enhancing customer experience and financial inclusion.
Strong Growth in Instant Payment Transactions
The impact of IPS in Ghana has been significant. As of October 2024, the value of transactions processed through GIP surged by 174%, while the total transaction volume increased by 32% compared to the same period in 2023.
Mobile money remains the dominant payment method, with total transactions reaching GHS 2.36 trillion as of October 2024, marking a 55% year-on-year growth. The number of mobile money transactions also increased by 20% to 6.6 billion transactions.
Shaping the Future of Digital Payments
IPS has become crucial in advancing financial inclusion and enhancing transaction efficiency in Ghana. These real-time and secure payment platforms are redefining how individuals, businesses, and financial institutions interact with the digital economy.
According to the report, Ghana’s payment landscape continues to evolve due to:
- Regulatory oversight ensuring security and stability.
- Advancements in AI and machine learning improving fraud detection and transaction speed.
- Changing customer expectations with increasing demand for faster, more reliable, and secure payment solutions.
With its leadership in digital payments, Ghana is setting the pace for financial innovation in Africa, driving greater convenience and accessibility in financial transactions.
