Ghana has been experiencing a major shift in how we handle money, and at the forefront of this transformation is Ghipss Instant Pay (GIP). This digital payment platform has seen remarkable growth, with its transaction value skyrocketing by 233% from GHC 14.3 billion in 2023 to GHC 47.5 billion in 2024.
This explosive growth showcases GIP’s growing dominance in Ghana’s cashless economy, offering a fast and secure way for individuals and businesses to make high-value transactions.
Not only has the transaction value soared, but the volume of transactions has also risen sharply by 44%, growing from 10.35 million transactions in 2023 to 14.89 million in 2024. This jump in both the value and volume of transactions indicates a strong preference for digital payment solutions, with GIP becoming the platform of choice for larger and more frequent payments across various sectors.
GIP’s growth can be attributed to its ability to provide instant payments, allowing users to send and receive money in real-time, whether they are making business transactions, paying bills, or transferring money across networks. The platform’s interoperability ensures that users can complete transactions between different mobile money providers and bank accounts seamlessly. This cross-network functionality makes GIP an appealing choice for both consumers and businesses looking for a fast, reliable payment system.
This surge in the popularity of GIP is part of a wider trend in Ghana, where digital payment systems are increasingly replacing traditional methods. For instance, internet banking has also seen significant growth, with its transaction value tripling in 2024, further indicating the country’s shift towards digital-first financial solutions.
As Ghipss Instant Pay continues to expand, it’s clear that the platform is reshaping Ghana’s payment landscape. More businesses are turning to GIP for bulk payments, while consumers are embracing its ease of use for everyday transactions. The platform’s ability to provide instant, secure payments has made it a key player in the financial ecosystem, particularly in high-value transactions where speed and reliability are critical.
In contrast, older payment systems are struggling to keep up. For example, Gh-link, a once-popular payment platform, has seen a 43% decline in transaction value, dropping from GHC 98.8 million to GHC 56 million in the past year. This shift suggests that users are increasingly favoring GIP’s faster, more reliable service over traditional systems.
Similarly, E-zwich has faced challenges, with its user base growing slowly and its transaction values fluctuating. Despite offering high-value transactions, it failed to maintain consistent user engagement.
