Latest figures from the Ghana Interbank Payment and Settlement Systems (GhIPSS) show that patronage of electronic payment channels that go through the GhIPSS platform, increased by 81 percent in the first half of this year compared to the same period last year.

According to GhIPSS, the total volume of transactions spanning January to June 2020, stood at over 29 million compared to about 16 million transactions for the same period in 2019.

It also stated that specific channels such as GhIPSS Instant Pay (GIPS) saw a huge growth of almost 600 percent, while Mobile Money Interoperability grew by over 444 percent in the first half of this year.

Chief Executive Officer (CEO) of GhIPSS, Mr. Archie Hesse said the increase is driven mainly by transfers from account to wallet which represented 86% of GIP transfers.

He also stated that the country is making steady progress towards becoming a cashlite society, as about 60 per cent of all financial transactions were initiated and completed on the various electronic platforms in use.

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