Ghana has emerged as the sole African nation with fully interoperable multiple instant payment systems (IPS), according to KPMG’s 2024 West Africa Banking Industry Customer Experience Survey.
The country has outpaced regional counterparts—including 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 hosts 28 IPS across 20 countries, with only seven nations operating multiple systems.
However, Ghana distinguishes itself by ensuring full interoperability between these platforms, enabling seamless fund transfers across financial institutions.
Ghana’s digital payments ecosystem is underpinned by two key IPS: GhIPSS Instant Pay (GIP) and Mobile Money Interoperability (MMI).
These systems interact seamlessly, enhancing customer experience and broadening financial inclusion.
Robust Growth in Instant Payments
As of October 2024, transactions processed through GIP surged by 174% in value, with total transaction volumes rising by 32% year-on-year.
Mobile money continues to dominate the payments landscape, with total transactions reaching GHS 2.36 trillion as of October 2024—representing a 55% annual increase.
The volume of mobile money transactions also grew by 20%, reaching 6.6 billion.
Driving the Future of Digital Payments
IPS has become integral to enhancing financial inclusion and transactional efficiency in Ghana.
These real-time, secure payment platforms are reshaping interactions among individuals, businesses, and financial institutions in the digital economy.
The report attributes Ghana’s evolving payments ecosystem to:
- Strong regulatory oversight ensuring security and stability.
- AI and machine learning advancements improving fraud detection and transaction speeds.
- Rising customer expectations for faster, more reliable, and secure payment solutions.
Ghana’s leadership in digital payments positions it at the forefront of financial innovation in Africa, promoting greater efficiency and accessibility in financial transactions.
Former Vice President Dr. Mahamudu Bawumia has frequently lauded Ghana’s pioneering interoperable payments framework.
The latest recognition serves as further validation, following a recent survey by GSM Arena that ranked Ghana’s mobile money system as the best on the continent.
