Ghana’s move towards a cash-lite economy is gathering pace, with internet banking transactions surging to GH¢383.82 billion in 2025, as more individuals turn to digital payment channels and move away from traditional methods such as cheques.
Data from the Bank of Ghana’s Payment Systems Oversight Annual Report 2025 showed that the value of internet banking transactions jumped by 80.7%, from GH¢212.44 billion in 2024. Transaction volumes also recorded a major increase, rising from 26.06 million to 47.59 million transactions within the same period.
The growing appetite for digital banking comes as the use of interbank cheques continues to decline. The volume of cheques cleared fell by 265,641, representing a 4.8% drop in 2025. Although the value of cheque transactions increased to GH¢415.20 billion from GH¢385 billion, the 7.9% growth was significantly slower than the 31% increase recorded in 2024.
The shift is being driven largely by the convenience and speed of digital payment options, including mobile and internet banking, particularly for lower-value transactions. While individuals are increasingly embracing instant digital payments, businesses continue to rely on cheques, especially when handling high-value transactions.
The latest figures highlight a significant change in how Ghanaians conduct financial transactions, with digital banking becoming an increasingly important part of everyday payments. As internet and mobile banking services continue to expand, the trend suggests that traditional payment methods could face even greater pressure as Ghana advances towards a more digitally driven financial system.
source: citinewsroom
