Doris Dokua Sasu
Research Expert Ghana and Nigeria
Payment methods in Ghana - statistics & facts
Over the last decade, the number of ATM transactions in Ghana, including cash withdrawals and deposits, has surged. It has exceeded 50 million every year, almost reaching 58 million in 2023. Like elsewhere in Africa, there is a continuous and increased adoption of cash in payment transactions across Ghana. Consequently, to meet the country’s growing cash demand and use, more and more currency notes and coins are issued annually.
The number of Points of Sale (POS) transactions in Ghana has mainly decreased over the last few years. However, POS terminals in the nation continue to accept payment cards alongside other methods of payment, thereby extending the existing payment systems in the country. Overall, Ghanaian markets have grown in the diversification of their payment channels, which not only increases payer confidence but also opens the country up for more developments in the field.
Electronic payments are rising
In recent years, electronic payments have gained popularity in Ghana. This is visible in the increasing number of e-money accounts and e-money transactions in the country since 2017. In the same way, the value of e-money payments has followed a rising trend, and so has the e-money customer base. In fact, this gradual growth is also seen across accounts opened in countries within the West African Monetary Union (WAMU).Mobile payments are regularly used
Since its introduction in Ghana in 2009, mobile money, also MoMo, has immensely worked side by side with cash payments in the country. The nation is one of the fastest-growing mobile money hubs in Africa and the world. Indeed, mobile money significantly surpassed other payment systems in number of transactions in 2023. As of that year, there were over 65.6 million registered mobile money accounts in Ghana, of which about 32 percent were active. This represented a mobile money penetration rate of nearly 60 percent of the population, whereby close to 19 million transactions were performed every day. Mobile money users in Ghana can send money from their mobile wallet to another mobile wallet, to a bank account, or to an e-zwich account, which is the national biometric smartcard payment system. Of these, wallet to wallet transactions is the most common in the country.Debit card usage is comparatively prevalent
Besides cash and electronic fund transfers, the population in Ghana also uses payment cards for goods and services transactions. Adopting debit cards for fund transfers in the country is very common, as against prepaid and credit cards. Similarly, the majority of Ghanaians own debit cards compared to prepaid and credit cards, with the latter having a penetration rate of less than one percent. As of 2023, transactions performed with debit cards reached a value of over 71.4 billion Ghanaian cedis, approximately 4.6 billion U.S. dollars. This significantly exceeded other payment card transaction amounts in the same year.The number of Points of Sale (POS) transactions in Ghana has mainly decreased over the last few years. However, POS terminals in the nation continue to accept payment cards alongside other methods of payment, thereby extending the existing payment systems in the country. Overall, Ghanaian markets have grown in the diversification of their payment channels, which not only increases payer confidence but also opens the country up for more developments in the field.
