Ghana’s digital banking space recorded a significant boost in 2025, with the volume of internet banking transactions nearly doubling.
Latest data from the Bank of Ghana’s 2024 Payment Systems Oversight Annual Report shows that transaction volumes rose to 4.74 million in October 2025, representing a 97.5 per cent year-on-year increase from the 2.39 million recorded in October 2024.
Transaction activity was uneven earlier in the year before gaining strong momentum. Volumes peaked at three million in December 2024, declined to 2.4 million in February 2025, and then rebounded steadily from March to reach the current record level.
The surge was mirrored in transaction values. The total value of internet banking transactions climbed from GH¢22.3 billion to GH¢41.6 billion—an 86 per cent increase—signalling growing confidence in digital platforms for high-value transfers beyond routine payments.
The expansion of internet banking is reshaping Ghana’s electronic payments ecosystem. Usage has overtaken traditional cheque payments, which remain largely flat at about 453,000 transactions, as businesses increasingly opt for faster and more efficient digital settlements.
Despite the growth, internet banking continues to play a more specialised role compared to Mobile Money, which processed about 893 million transactions in October, underscoring its dominance in everyday retail payments. GhIPSS Instant Pay (GIP) also remains central to real-time interbank transfers.
The shift towards digital banking is being driven by rising financial literacy, demand for round-the-clock access, and enhanced security features such as One-Time Passwords (OTPs). The trend aligns with Ghana’s broader push to reduce cash usage and promote a cash-lite economy. Going forward, banks are expected to prioritise improved app performance and lower transaction costs as competition from fintech operators intensifies.
