, according to KPMG’s 2024 West Africa Banking Industry Customer Experience Survey. The country outperforms major economies like South Africa, Nigeria, Kenya, and Egypt in digital payment integration.){kind=link}
Ghana has become the only African country with fully interoperable multiple instant payment systems (IPS), according to KPMG’s 2024 West Africa Banking Industry Customer Experience Survey. The country outperforms major economies like South Africa, Nigeria, Kenya, and Egypt in digital payment integration.
A report on Inclusive Instant Payment Systems in Africa 2024 reveals that 28 IPS exist across 20 African countries, but only seven nations operate multiple IPS. Ghana is the only country where these systems are fully interoperable, ensuring seamless transactions across different platforms.
Ghana’s GhIPSS Instant Pay (GIP) and Mobile Money Interoperability (MMI) systems work together efficiently, making digital payments faster and more accessible. Mobile money remains the country’s most popular payment method, with total transactions hitting GHS 2.36 trillion as of October 2024, a 55% year-on-year growth. The number of mobile money transactions also rose by 20% to 6.6 billion.
Driving the Future of Digital Payments
The success of Ghana’s payment systems is driven by:
• Strong regulatory oversight ensuring security and stability.
• AI and machine learning improving fraud detection and transaction speed.
• Growing demand for fast, secure, and reliable digital payments.
As a leader in digital payment innovation, Ghana is shaping the future of financial transactions in Africa, making payments more convenient and boosting financial inclusion.