Apparently, banks didn’t pass around cheques as much in 2024 transactions dipped just a smidge, like 0.2%. Not exactly earth-shattering, but hey, better than last year’s free-fall of 4.3%. The weird part? Even with fewer cheques flying around, the total cash moved through them actually jumped to GH¢384.96 million. Last year it was like GH¢293.93 million. Go figure.
Now, forget cheques for a second. GACH direct credit, that whole electronic bulk payment jazz, totally picked up the pace. People and companies just dumped more money straight into accounts this way. The number of these transactions went up by 4% nearly 9.88 million of them in 2024. The value? That’s where it gets wild: up 34.4%! We’re talking GH¢119,291.75 million, up from just GH¢30,546 million. Massive leap.
What’s fueling all that? Salaries, pensions, businesses paying other businesses... basically, the usual suspects.
Direct debit (that’s the “pull money out automatically every month” thing) finally got its act together too. After tanking by almost 11% in 2023, volumes went up 9.2% this year. Not bad. The total value shot up by nearly a third, hitting GH¢3,181.9 million. Even the average direct debit transaction grew almost 20% bigger than last year.
And then there’s e-zwich. For a system nobody talks about at parties, it’s quietly going nuts. More people have the cards (up 3.3%), and the money loaded onto them? Up by GH¢77.8 million almost 25% growth. The average value per card isn’t slouching, either, up 16.6%.
But the real kicker is transaction activity. People are swiping those e-zwich cards like there’s no tomorrow: the number of transactions exploded by a third to 9.6 million. Even crazier the total value of those transactions nearly doubled, up a whopping 89.4%. That’s a big jump compared to last year’s 36.5%. Looks like digital payments are finally catching fire, huh?