The total value of the half year transactions represents a growth of over 19 percent over the same period last year.

The volume of transactions which was six million in the first quarter went up to 12.2 million by June this year.

The value and volume of transactions show consistency in growth in patronage for the various electronic payment initiatives introduced by the national payment infrastructure provider.

GhIPSS provides four broad electronic payment services, which are offered through banks and other financial institutions.

They are the clearing house set of services, e-zwich services, gh-link set of services and the very latest being the GhIPSS Instant Pay (GIP). The total value of the half year transactions also represents a growth of over 19 per cent over the same period last year.

The clearing house services which include the electronic cheque clearing and Automated Clearing House (ACH) Direct Credit and Direct Debit remain the largest contributor to the value and volume of transactions that pass through GhIPSS.

It is followed by e-zwich transactions, gh-link transactions and GIP in that order.

GhIPSS, which was set up 10 years ago, recorded only 3.8 million Ghana cedis worth of transactions in its first full year in 2008.

However, the volume and value of transactions have grown consistently over the years with the addition of new initiatives and growth in the patronage of the services.

GhIPSS as the national payment infrastructure, established by the Bank of Ghana, does not deal directly with the public but offers its services through financial institutions particularly banks.

In an interview, the Chief Executive Officer of GhIPSS Archie Hesse said that Ghana was steadily making progress towards the reduction in cash based transactions.

He explained the volume and value of transactions that passed through GhIPSS gave an indication of growth in electronic payment transactions.

He however added that a lot more needs to be done to achieve the desired levels of non-cash transactions.

Mr Hesse commended financial institutions for their efforts at driving the cash-lite agenda and added that GhIPSS would continue to work with them and other stakeholders to ensure that the critical mass of electronic payment transactions is attained within the shortest possible time. 

He noted that moves to link mobile money wallet to bank accounts was an important development within the financial sector, which would also help reduce cash based transactions.