Regardless of the debilitating affect of the COVID-19 pandemic on the lives of people and the operations of companies in Ghana, digital cost and settlement merchandise underneath the Ghana Interbank Cost & Settlement Programs (GhIPSS) noticed phenomenal will increase in each quantity and worth for the primary three quarters of 2020 in comparison with the identical interval in 2019.
A 3rd-quarter trade efficiency report launched by GhIPSS exhibits that the quantity and worth of digital transactions utilizing services and products just like the GhIPSS immediate pay, Cellular Cash Interoperability, E-zwich and GH-Hyperlink amongst others, all collectively went up by 102 % and 24 % respectively for the primary 9 months of this yr in comparison with the identical interval final yr.
Based on the report, whole quantity of digital transactions in Ghana elevated from 25.33 million between January to September final yr, to 51.12 million over the identical interval this yr.
On the subject of the worth of digital transactions, it went up from GHS157.03 billion within the first 9 months of 2019 to GHS195.27 billion throughout the identical interval in 2020.
A comparability of the final two quarters of 2020 exhibits that, whereas there was a adverse 7 % decline in transaction worth within the 2nd quarter, there was a 51 % enhance within the third quarter.
The spectacular third quarter efficiency is essentially attributed to the easing of COVID-19 restrictions leading to a lift in financial actions.
Additional comparative evaluation of the first to third quarter efficiency of 2020 to the identical interval in 2019 exhibits main progress in E-zwich, GIP and MMI transactions.
The clearing-house recorded marginal progress however GH-link transactions recorded a decline.
Based on GhIPSS, a overview of the present efficiency trajectory exhibits that it’s on its option to course of about 17 million transactions within the final quarter of 2020 to finish the yr with a progress of 79% over the 2019 efficiency.
Cellular Cash Interoperability and GhIPSS On the spot Pay are predicted to account for 61% of this forecast.
Winners per the report within the trade going ahead will probably be monetary establishments who’re agile in delivering merchandise that provide pace, safety, comfort and wealthy buyer expertise.
On the problem of fraud, a better synergy amongst trade gamers to maneuver fraud points to the entrance burner at each the person and ecosystem ranges is really useful.