Ghana Becomes Only African Country with Fully Interoperable Instant Payment Systems

Ghana has been recognized as the only African country with fully interoperable multiple instant payment systems (IPS), according to KPMG’s 2024 West Africa Banking Industry Customer Experience Survey. This achievement places Ghana ahead of countries like Morocco, South Africa, Egypt, Nigeria, Kenya, and Tanzania in digital payment integration.

The State of Inclusive Instant Payment Systems in Africa Report 2024 highlights that while Africa has 28 IPS operating across 20 countries, only seven nations have multiple systems. However, Ghana stands out as the only country where these systems are fully interoperable, enabling seamless fund transfers between different platforms. The country operates two key IPS: GhIPSS Instant Pay (GIP) and Mobile Money Interoperability (MMI), both of which interact seamlessly to enhance customer experience and promote financial inclusion.

The impact of instant payment systems in Ghana has been significant. As of October 2024, the value of transactions processed through GhIPSS Instant Pay surged by 174 percent, while transaction volumes increased by 32 percent compared to the same period in 2023. Mobile money remains the dominant payment method in the country, with total transactions reaching GHS 2.36 trillion, marking a 55 percent year-on-year growth. The number of mobile money transactions also rose by 20 percent, hitting 6.6 billion transactions.

Instant payment systems have become crucial in advancing financial inclusion and improving transaction efficiency in Ghana. These real-time and secure payment platforms are redefining how individuals, businesses, and financial institutions engage with the digital economy. The report attributes Ghana’s leadership in this sector to strong regulatory oversight that ensures security and stability, advancements in artificial intelligence and machine learning that enhance fraud detection and transaction speed, and evolving customer expectations that demand faster, more reliable, and secure payment solutions.

With its leadership in digital payments, Ghana is setting the pace for financial innovation in Africa, making transactions more convenient and accessible. Former Vice President Dr. Mahamudu Bawumia has consistently highlighted Ghana’s advanced interoperable payment system, and this latest recognition further validates the country’s progress. Additionally, Ghana’s mobile money system was recently ranked the best in Africa in a survey conducted by GSM Arena.