Bawumia Hailed As Ghana Tops Africa With Seamless ‘Interoperable Payment Systems’ In Latest Survey
Ghana’s remarkable investment in digital payment systems in the past few years is paying off with Ghana topping international rankings in the digital payment sector.
Earlier this year in January, Ghana was adjudged the number one country in the world in mobile money systems by GSMA Mobile Money Regulatory Index (MMRI).
Ghana’s remarkable progress in digital payment has again been affirmed with the country being named by KPMG as number one country in Africa with seamless Interoperable Instant Payments Systems (IPS).
The West Africa Banking Industry Customer Experience Survey report from KPMG named Ghana as the number one African country with fully interoperable multiple instant payment systems.
Highlights from the State of Inclusive Instant Payment Systems in Africa Report 2024 revealed that Africa boasts of 28 IPS across 20 countries with only seven countries operating multiple IPS.
According to the report, Ghana stood tall amongst its peers, outperforming countries such as Morocco, South Africa, Egypt, Nigeria, Kenya and Tanzania, thereby setting a new standard for the continent.
“Ghana’s leadership in this space is evident, being the only African country with fully interoperable multiple instant payment systems”, the report stated.
Ghana’s two primary IPS, the Ghana Interbank Payment and Settlement Systems (GhIPSS) Instant Pay (GIP) and Mobile Money Interoperability (MMI), have been interacting flawlessly over the years, hence winning admirers from across the world and customers locally.
Impact Of Ghana’s Instant Payment System
According to the report, the impact of instant payment systems in Ghana has been noteworthy.
Some highlights reported as at October 2024 are as follows:
– GIP transactions surged by 174% in value and 32% in volume compared to the same period in 2023.
– Mobile money transactions dominated, reaching GHS 2.36 trillion, marking a 55% year-on-year growth.
– The number of mobile money transactions increased by 20% to 6.6 billion.
The report’s findings underscore the importance of interoperability between systems with 73% of retail customers indicating they use mobile money weekly.
The ease of transferring money between accounts and mobile wallets also remains a top priority for customers.
While Ghana excels in instant payment systems, the report also highlights areas for improvement including concerns over service reliability, cybersecurity and the need for innovative features in mobile apps and internet banking.
As Ghana continues to lead the way in instant payment systems, the country is poised to drive financial inclusion, convenience and economic growth, setting a benchmark for other African countries to follow.
Meanwhile, following the publication of the latest top ranking for Ghana in digital payments, a number of Ghanaians have applauded former Vice President Dr Mahamudu Bawumia, for his immense dedication and contributions to the growth of the sector.
Throughout his time as vice president, Dr Bawumia was a champion of transforming Ghana’s payment system into a seamless interoperable system, leading to the successful implementation of Africa’s first interoperable payment system.
Source: Ghmessenger.com
