The Ghana Pay platform has experienced a substantial increase in subscribers, with transaction volumes soaring to 2.5 million Ghana cedis, up from just 40,000 cedis in 2022.
Since its inception, the platform has diversified its services to include bill payments, crowdfunding, and bulk payments for corporate organizations. Additional offerings now feature a sponsored wallet service, enabling users to share funds with friends and family, and standing instructions, allowing users to automate recurring payments like subscription renewals.
At the GhanaPay Value Added Services media briefing, Samuel Darko, Head of GhanaPay, highlighted the ongoing efforts to enhance financial inclusion. “When we launched the product in June 2022, we had close to 40,000 cedis by the end of the year. Today, we have close to 2.5 million Ghana cedis afloat. We are also aiming for nearly one million subscribers on the platform, compared to about 20,000 people when we launched it in 2022,” Darko stated.
Archie Hesse, Chief Executive Officer of the Ghana Interbank Payment and Settlement Systems Limited, offered additional insights into the GhanaPay wallet and initiatives to promote a cashless society. “As a country, we’ve come a long way. Just barely 10 years ago, electronic payment was alien. Fifteen years ago, most banks did not even have an e-business department. Today, it is everywhere. The structures are being put in place. What we need to do now is to work together to deepen education,” Hesse explained.
The expansion and rapid growth of the Ghana Pay platform underscore its pivotal role in advancing financial inclusion and moving towards a cashless economy in Ghana.1
