Ghana’s rapid shift toward a digital-first financial ecosystem reached a new milestone in October 2025, with internet banking posting one of its strongest monthly performances in recent years.

According to the Bank of Ghana’s November 2025 Summary of Economic and Financial Data, transaction values on internet banking platforms surged to a remarkable GHS 41.6 billion, signalling accelerating consumer and corporate confidence in online financial services. This development highlights the depth of Ghana’s cashless transformation and positions digital channels at the centre of the country’s evolving financial landscape.

The October performance stands out not only for its impressive transaction value but also for the consistency it reflects in the growth of digital banking. In September 2025, internet banking recorded GHS 33.2 billion, meaning the October figure represents an increase of more than 25% within a month. Transaction volumes also grew from 4,485 to 4,741, demonstrating greater utilisation by both businesses and individuals.

This strong showing underscores how internet banking has become a crucial tool for high-value transactions including corporate payments, payroll processing, trade-related settlements, utility payments, and transfers across bank networks. The rise also aligns with increasing digital literacy, wider broadband penetration, and the banking sector’s sustained investment in secure online platforms.

GIP Strengthens Ghana’s Digital Core

While internet banking achieved historic numbers, Ghana’s payments ecosystem witnessed equally impressive momentum from other digital channels. The GhIPSS Instant Pay (GIP) platform—renowned for its real-time transfer capabilities—remained the single largest driver of digital transaction value. GIP recorded an extraordinary GHS 70.3 billion in October, up significantly from GHS 60.3 billion in September.

This growth cements GIP’s dominance as the backbone of everyday digital payments, from mobile app transfers and merchant settlements to fintech-bank integrations. The platform’s convenience, speed, and reliability continue to attract both low-value retail users and high-value corporate transactions.

E-zwich and Gh-link Regain Momentum

The Bank of Ghana data also revealed strong recoveries in other components of the payments ecosystem. E-zwich, the biometric smart card system widely used for salary disbursements, pensions, and government social interventions, saw notable improvements. Its transaction value rose to GHS 4.1 billion in October, marking a rebound from GHS 3.9 billion in September. Crucially, the number of E-zwich transactions shot up dramatically from 119,000 to 687,000, highlighting renewed activity in public sector-related payments.

Similarly, the domestic card scheme Gh-link recorded a healthy performance. Transaction values grew sharply from GHS 60.3 million in September to GHS 73.9 million in October. Transaction counts also rose from 67,000 to 81,000, signalling a recovery in consumer spending and increased use of local cards at ATMs and merchant outlets across the country.

The Rise of Merchant Infrastructure

Supporting this surge in digital usage is the steady expansion of payment acceptance infrastructure nationwide. The number of Point-of-Sale (POS) terminals rose to 17,292 in October, compared to 17,068 in September. This growth demonstrates increasing merchant willingness to adopt digital payment acceptance tools, a key driver of retail digitisation.

Automated Teller Machines (ATMs) also saw slight growth, rising to 2,274 in October. Although ATM expansion has slowed in recent years due to the shift toward online and mobile channels, the numbers show continued investment in cash-out points to support customer convenience.

The data further shows stability in the issuance of payment cards. Debit cards remained unchanged at 5.3 million, reflecting a saturated but active market, while credit cards remained steady at 69,000—a reminder of Ghana’s traditionally low but gradually rising appetite for credit-based payment instruments. Prepaid cards, however, fell slightly from 417,000 in September to 407,000 in October, perhaps signalling changing consumer preferences toward mobile wallet-based transactions.

Implications for Ghana’s Cashless Agenda

The strong performance across all digital platforms, led by the record-breaking rise in internet banking, provides clear evidence that Ghana’s cashless agenda is gaining traction. Several key factors underpin this transition:

Bank-led innovation: Modernised internet banking platforms with enhanced user interfaces, cybersecurity upgrades, and wider service integration have boosted trust and convenience.

Regulatory support: The Bank of Ghana’s ongoing efforts to tighten cybersecurity guidelines, enhance interoperability, and drive financial inclusion have created a conducive environment for digital growth.

Consumer adaptation: More Ghanaians now prefer digital channels for safety, speed, and flexibility—an attitude reinforced by e-commerce adoption and mobile banking culture.

Merchant digitisation: Expansion of POS terminals is enabling more everyday transactions to move from cash to digital payments.

With internet banking hitting GHS 41.6 billion in monthly transactions and GIP surpassing GHS 70 billion, October 2025 may be remembered as a turning point in Ghana’s digital financial evolution. The data confirms that digital payments are no longer an alternative—they are becoming the dominant mode of financial interaction.

As banks continue to innovate and consumers increasingly embrace seamless digital experiences, Ghana’s move toward a cash-light economy appears not only possible but inevitable.