GhIPSS Processes GH¢208 billion worth Transactions in 2017


The Ghana Interbank Payments & Settlements Systems (GhIPSS) Limited said the value of transactions recorded in 2017 amounted to GH¢208 billion compared to GH¢174 billion in 2016, representing 19 percent growth.

Total volume of transactions processed in 2017 also increased from 20 million in 2016 to 25 million in 2017, representing a 20 percent growth in volume.

Archie Hesse, Chief Executive of GhIPSS, speaking to journalists at the weekend, said in 2015, 2016 and 2017, the growth trend of GhIPSS’ digital payments (i.e. ACH, e-Zwich, gh-link and GhIPSS Instant Pay), compared to cheques depicted a significant shift from cheques to digital payments.

“The percentage of GhIPSS’ digital payments to cheques was 57 percent in 2015, 65 percent in 2016 and 71 percent in 2017,” he noted, adding that “the cumulative growth of clearing products for 2017 against 2016 was 19 percent and 7 percent in value and volume respectively.”

Mr Hesse revealed that Express Cheque and Express ACH Direct Credit presentments recorded the most growth over the period, explaining that the growth was an indication of the growing need of bank customers for instant access to funds.

Commenting on the e-Zwich platform, he said it ended the year with a growth of 45 percent and 56 percent in value and volume respectively.

“International remittances received by the e-Zwich recorded the most growth in 2017. Although the number of new enrolments in 2017 compared to 2016 declined by 2 percent, a total of 491,121 new enrolments occurred, bringing the number of e-Zwich cardholders to 2.3 million.

Payments via e-Zwich by government agencies and ministries (i.e. National Service secretariat, Youth Employment Agency, Nurses and Teachers training allowances, Student loans, LEAP, GSOP, etc), as well as foreign donors and some private institutions remain the key driver of growth for e-Zwich transactions.

“The volume of PDS payments in 2017 was 2.9 million, representing an increase of 37 percent over the same period in 2016. The value of PDS payments in the same period was 940 billion also representing an increase of 39 percent over the same period in 2016.

Mr Hesse added that gh-link transactions recorded an increase of 35 percent in total value of transactions and 13 percent in total volume of transactions compared to 2016.

“While ATM withdrawals are the main drawer of gh-link transactions, POS transactions recorded the most growth in 2017.”

Touching on GhIPSS Instant Pay (GIP), he said at the end of 2017, GhIPSS processed a total of 41,795 transactions via GIP and the value of these transactions was GH¢83 million.

“The growth of GIP transactions is fuelled by adoption of this product by third party payment gateways and international remittance companies. The membership of the GIP platform constitutes 28 sending institutions, including three remittance companies and three third party companies, and 24 receiving institutions made up of 22 universal banks and two savings and loans companies.

Commending banks and third-party companies for their role in boosting patronage for electronic payments in the past year, he noted that GhIPSS has rescheduled the implementation of the mobile money interoperability to next month after a failed November 2017 deadline.