Rising cyber threats powered by artificial intelligence and expanding mobile money fraud are highlighting the need for stronger security infrastructure across Africa’s financial and telecommunications sectors.
According to the newly released African Cyberthreat Assessment Report 2026 by INTERPOL, artificial intelligence is now utilized in 55 percent of all reported cybercrimes across the continent.
The integration of AI technologies has enabled cybercriminals to deploy faster, automated, and highly sophisticated attacks, contributing to total reported financial losses more than doubling from $192 million in 2024 to $484 million in 2025.
The escalation of digital fraud presents both operational risks and strategic capital opportunities for institutional investors, venture capital funds, and technology providers active in emerging markets.
Neal Jetton, Cybercrime Director at INTERPOL, emphasized the systemic challenge posed by these rapidly shifting risks.
“This edition of the INTERPOL African Cyberthreat Assessment paints a clear picture of a threat landscape in flux, with emerging dangers like AI-driven fraud that demand urgent attention,” Jetton noted. “No single agency or country can face these challenges alone.”
A key driver of this expanding attack surface is Africa’s rapid digital adoption, with mobile subscribers surpassing 1.1 billion in 2025. However, security gaps in mobile money ecosystems and commercial platforms continue to leave consumers and businesses vulnerable to phishing, credential harvesting, and identity manipulation.
In West Africa, where mobile money penetration remains central to financial inclusion, fraud schemes continue to impact transaction volumes and market trust. Simultaneously, INTERPOL found that 72 percent of surveyed countries reported the presence of organized criminal scam centers, with heavy concentrations located in West and Southern Africa.
Ambassador Jalel Chelba, Acting Executive Director of AFRIPOL, highlighted the broader economic implications of cyber vulnerability for regional growth and investor confidence.
“Cybersecurity is not merely a technical issue; it has become a fundamental pillar of stability, peace, and sustainable development in Africa,” Chelba stated. “It directly concerns the digital sovereignty of states, the resilience of our institutions, citizen trust, and the proper functioning of our economies.”
With 90 percent of African member states indicating a need for substantial upgrades in threat intelligence, incident reporting systems, and prosecution capabilities, market analysts anticipate increased capital allocation toward private-sector cybersecurity ventures, real-time threat detection technologies, and institutional compliance frameworks.
The Bank of Ghana (BOG) has called on mobile money operators, fintechs and financial institutions to strengthen compliance and consumer protection measures as the sector expands.
Speaking on behalf of Governor Dr. Johnson Asiama at the 2025 Fintech Stakeholder Dinner and Awards, Hayford Kumah, Head of the FinTech Oversight and Supervision Unit, described Mobile Money Limited as “a vital partner in our shared mission to drive financial inclusion and economic innovation across Ghana and across borders.”
He emphasised that the central bank remains fully committed to promoting innovation, but only within a safe and well-regulated environment. “Our mandate is clear: to foster trust, safety and soundness in the financial system,” he said.
“We are not here to stifle innovation, but to provide a clear and robust framework in which innovation can thrive along with safety and sustainability.” Kumah urged all ecosystem players from fintechs and partner banks to mobile money agents to support this mission by focusing on three core tasks: protecting consumers, combating financial crime, and building trust.
According to him, trust will remain the foundation of Ghana’s digital financial evolution. “The currency of trust is how compliant an institution is,” he stated. “This is what will assure my boss, the Governor, our international partners, as well as every user,that your operations are sound, transparent and built on ethical governance.”
He added that the central bank expects continued collaboration with industry players as it works to strengthen the regulatory environment and safeguard the integrity of Ghana’s fast-growing fintech sector.
Meanwhile, CEO of Mobile Money Limited, Shaibu Haruna, highlighted the industry’s significant growth, noting that Ghana’s mobile money ecosystem now processes over 20 million transactions daily, powered by deep collaboration among banks, fintech innovators and agents.
He described industry players as “the architects of Ghana’s fintech revolution,” adding that their collective work is “impacting the lives of many Ghanaians and providing dignity to the life of Ghanaians.”
He said partnerships across technology providers, liquidity-supporting banks and mobile money agents remain the engine behind Ghana’s digital transformation.
Haruna also pointed to policy reforms and government initiatives that could accelerate sector growth even further. “What we have today is much more than financial inclusion,” he said, citing emerging opportunities in digital lending, open banking, virtual assets and the prospect of a digital currency.
He reaffirmed Mobile Money Limited’s commitment to open collaboration, adding: “Our platform remains very open to driving Ghana’s digital evolution… and we welcome all the brilliant ideas from fintechs, whether start-ups or advanced players.”
The event saw 22 partners honoured for excellence and contribution to Ghana’s fintech ecosystem.
Efforts are intensifying to mainstream the use in Ghana of Africa’s first potentially pan-continental debit payments card – the Pan African Payment and Settlement System (PAPSS) Card. The PAPSS Card is a payment card linked to the PAPSS network, designed to allow individuals and businesses to make cross-border transactions across Africa instantly, without needing to convert into third-party currencies such as the U.S. dollar or euro.
It functions like a debit or prepaid card but is integrated into PAPSS’s multi-currency clearing system, which settles payments directly between African banks and central banks.
However one year after the PAPSS Card was piloted in Ghana and the other member countries of the West African Monetary Zone – Nigeria, Sierra Leone, The Gambia and Liberia – uptake has been minimal, largely due to lack of awareness and roll out.
As a key measure to correct the situation Economy Times has learnt that the Bank of Ghana is engaged in discussions to link the PAPSS Card to MTN MoMo, AT Money, and Telecel Cash platforms to broaden consumer access.
While several thousand transactions valued at an equivalent of over US$ 200 million have been consummated so far across the WAMZ region since PAPSS itself was piloted from 2022, most of these transactions have entailed corporate and interbank payments, with less than 5% having been consumer transactions using PAPSS Cards.
Through this process, a user in Ghana can pay with the PAPSS Card for goods or services in Nigeria, for example. The payment is made in Ghanaian cedis, but the seller receives Nigerian naira — both sides transacting in their local currencies. PAPSS handles the instant currency conversion, clearing, and settlement through the participating banks and central banks.
The African Export-Import Bank (Afreximbank) acts as the guarantor and settlement agent, ensuring liquidity and reliability of payments.
As one of the countries piloting both PAPSS and the PAPSS Card, the Bank of Ghana is a key participant, and as of 2025, several Ghanaian financial institutions like GCB Bank, Fidelity Bank, and some fintech providers are engaging in limited live transactions. Financial institutions and payment service providers (PSPs) that have joined PAPSS can issue or process PAPSS Cards. Users typically need to have an account with a participating bank or fintech platform integrated with PAPSS.
BoG officials are optimistic that as awareness of and access to PAPSS Cards spreads in Ghana, individuals and institutions will embrace its usage to consummate their financial transactions in other African countries while accepting it as a means of payment at home from elsewhere in Africa. It offers instant cross-border payments within Africa, lower transaction costs – since it avoids foreign intermediaries – and allows users to pay and receive in local currencies. Foreign exchange rate risks are mitigated by Afreximbank’s guarantees.
However, the initiative still suffers from limited current coverage since not all African countries are yet connected, early-stage adoption challenges including interoperability and awareness, and dependence on central bank and commercial bank integration, which varies by country.
It has been introduced by Afreximbank and the AfCFTA Secretariat to boost to intra-African trade and .enhance financial inclusion, connecting local and regional payment systems.
It is widely expected by stakeholders and financial analysts that the PAPSS Card could become a key tool for small businesses, exporters, and digital traders in Ghana. However broader adoption will depend on commercial bank partnerships, public awareness, and integration with mobile money platforms, which dominate Ghana’s payment landscape.
Nevertheless, in the medium term (2–5 years), Ghana is expected to be one of the regional leaders in PAPSS usage due to its strong fintech ecosystem and regulatory support
Mobile money transactions in Ghana amounted to GHC354.1 billion in August 2025, according to the latest Summary of Economic and Financial Data released by the Bank of Ghana (BoG).
The figure represents a slight dip from GHC355.4 billion in July but underscores the continued dominance of mobile payments in the country’s financial ecosystem.
The number of transactions climbed to 831 million in August, up from 778 million in July, reflecting the steady rise in the use of digital payment channels. Registered mobile money accounts also grew to 77.7 million, with 25.1 million active accounts, highlighting progress in financial inclusion across Ghana.
Industry analysts say that although the overall value of transactions eased marginally, the consistent growth in transaction volumes and active users demonstrates deepening trust in mobile money for everyday payments, remittances, and business transactions.
Mobile money interoperability also recorded gains, with transaction values rising to GHC4.9 billion in August, supported by 26.4 million cross-network transfers.
Despite recent currency fluctuations and fiscal pressures, analysts believe the sustained momentum of digital payments signals resilience in Ghana’s payment systems and cements mobile money as a cornerstone of the financial sector.
Telecom operators halt E-Levy charges, boosting digital transactions.
Adnan Adams Mohammed
Telecommunication Operators in Ghana have been directed by the Ghana Revenue Authority to cease collection of the Electronic Transfer Levy (E-Levy) effective April 2, 2025.
This comes as President John Dramani Mahama assented to the Electronic Transfer Levy Act, 2022 (Act 1075) and the Electronic Transfer Levy (Amendment) Act, 2022 (Act 1089) bill, which abolishes the 1% E-levy.
However, MTN Ghana, a major player in the industry, initially claimed that it could not stop the E-Levy collection for fear of breaching Bank of Ghana’s regulations explaining, the process must go through regulatory approval. Although, it has since stopped charging the levy having received the requisite regulatory directive and has made the necessary refunds in line with the demands of the Ghana Revenue Authority.
“There is a process that has to be followed. I can’t abolish E-Levy until I’m told to do it. If I do it ahead of time, the Bank of Ghana will catch me,” the CEO, Stephen Blewett said while speaking at MTN House in Accra, on Wednesday, April 2, last week. He emphasized that while the government had signaled its intention to remove the levy, telecom operators like MTN must follow official directives before making changes.
More importantly, Blewett also highlighted the negative impact of the E-Levy on mobile money transactions and expressed optimism that its removal would revitalize the sector.
“The reason for the abolishment of E-Levy is to encourage momentum in mobile money,” he explained.
He acknowledged that the tax removal is expected to boost digital transactions and financial inclusion.
“We will follow the process. And once it’s gone, mobile money will regain its strength.”
The E-Levy, initially introduced at 1.75% before being reduced to 1%, taxed electronic transactions, including mobile money payments, bank transfers, and inward remittances. Since its introduction in 2022, it has faced widespread criticism, with opponents arguing that it imposed an additional financial burden on citizens and discouraged digital transactions.
GRA, in it directive communicated the following guidelines, thus:
1. The GRA Electronic Transfer Levy Management and Assurance System (ELMAS) will automatically return a “no charge” on all transactions posted to it by entities from midnight.
2. Charging Entities must cease applying the 1% E-Levy from midnight on all their channels.
3. Charging Entities must immediately process refunds for any E-Levy amounts deducted from customers effective today, 2nd April 2025. Entities are to establish an expedited refund process to handle such cases promptly and maintain proper documentation of all refunds processed. Reports of such refunds must be submitted to GRA.
4. Charging Entities are to take the necessary steps to file and pay all outstanding E- Levy charged and collected on all transactions that occurred before 2nd April 2025.
5. For effective reconciliation and in accordance with Section 33A of the Revenue Administration Act, 2016 (Act 915) as amended, entities must continue to post all electronic transfer transactions to ELMAS until further directives are provided.
6. All entities must maintain electronic transfer records for at least six (6) years as stipulated in Section 27(3) of the Revenue Administration Act, 2016 (Act 915).
“Please be informed that failure to comply with the above directives constitutes an offence and sanctions will be imposed as prescribed by law,” GRA admonished, cautioning it “will conduct regular compliance checks to ensure adherence to these directives”, the statement signed by Edward Apenteng Gyamerah, Commissioner, Domestic Tax Revenue Division (GRA), noted.
Consequently, the Association of Ghana Industries (AGI) has welcomed the removal of the 1% E-Levy, stating that it will boost digital financial transactions and reduce the cost of doing business in Ghana.Ghanaian fashion
The CEO of AGI, Seth Twum Akwaboah, commended the government for its decision, highlighting its positive impact on businesses, especially small and medium enterprises (SMEs).
Seventy-five percent of our members are SMEs, and for them, digital transactions are essential. Any additional cost discourages their use. The removal of the levy will not only cut costs but also encourage more businesses to embrace digital financial services and electronic money transfers.
“It’s a commitment the President made, and now that it has been fulfilled, we look forward to seeing its impact on business growth”, the CEO of AGI said.
Also, Ing. Dr. Kenneth Ashigbey, CEO of the Ghana Chamber of Telecommunications, stressed the broader economic benefits of eliminating the E-Levy.
“With this removal, we expect an increase in both the volume and value of digital transactions. This growth will boost profitability for financial institutions, leading to higher corporate tax revenues for the government, “he noted.
He added: “Additionally, more digital transactions will reduce the cost of printing physical currency, benefiting the Bank of Ghana. It will also generate valuable data for policymakers to enhance fiscal and monetary strategies,”
Ing. Dr. Ashigbey also noted that the removal of the E-Levy aligns with the government’s financial inclusion strategy, fostering a more digitized economy while easing financial burdens on businesses and consumers alike.
A global fintech leader in mobile money as Africa embraces the digital future
Adnan Adams Mohammed
The Global System for Mobile Communications (GSM) Association in their latest Mobile Money Regulatory Index (MMRI) has adjudged Ghana as having the best mobile money (MoMo) system with regards to driving the Financial Technology (FINTECH) ecosystem.
Ghana placed above countries with remarkable mobile money systems such as Qatar and Brazil. Ghana’s competitive edge above its peers is due to the fact that, the mobile money network of the West African nation is built on a robust national identity system, which has synchronised unique national identities with financial institutions and telecommunication networks.
Ghana operates a unique system with transactions enabled between all mobile money wallets and all bank accounts, making every mobile money wallet function as a bank account, thereby also projecting Ghana’s financial inclusion index.
Ghana’s shine at the global space comes the same week the 2025 World Economic Forum (WEF) resolved after the 4-day summit that, “adopting emerging technologies such as artificial intelligence, the Internet of things and digitising economies, are indispensable to the growth of Africa.”
The General Secretary of African Continental Free Trade Area (AfCFTA), Wamkele Mene, speaking at the forum highlighted the importance and indispensability of digitalisation in Africa’s economy, and the need for digital trading on the continent.
As a step towards attaining this on the continent, he revealed that the Africa Digital Trade Protocol, is ready and will be adopted next month, by the continent’s heads of state.
“We have established the protocol on digital trade. The last instrument of that protocol will be adopted by our heads of state next month in Addis Ababa. The protocol on digital trade responds exactly to what the President has just said,” said the AfCFTA General Secretary, in response to comments by the President of Botswana during a special roundtable.
The AfCFTA General Secretary acknowledged the cutting edge innovation of young Africans, and the ability to create entrepreneurship through Africa’s digital economy.
“By the year 2050, Africa will have the youngest workforce in the world. Those jobs will have to be created intra Africa. We will not be able to import jobs from somewhere else so Africa’s digital economy, we believe, is a very, very important aspect of intra Africa trade. And it actually addresses day-to-day challenges that all of us are battling with.”
Consequently, Botswana’s new President, Duma Boko, acknowledging that young Africans constitute majority of Africa’s population, called for a new approach to development, adding that the adoption of digital technology, which he described as “the language of young people” in every aspect of African economies, is the way forward to addressing “many challenges.”
Apparently, as part of the call for Africa’s adoption of the digital economy, the AfCFTA also raised concerns about the lack of seamless payment systems in Africa, and called for urgent implementation of payment interoperability on the continent.
“The issue of payments for example. I live in Ghana. There is a direct flight to Nigeria. When I travel to Nigeria, I take my direct flight. But when I send money, it goes somewhere else first. It should be the same; that we have a seamless interoperable payment system in Africa to address this challenge of youth unemployment,” said.
“We also, in the same protocol, have far reaching provisions on emerging technologies, on improving SMEs, which will create an environment where we will see more investment in digital public infrastructure.”
“While we have come a long way, we do recognise that we still have much work to be done. But I believe that in any endeavour, the starting point has got to be to write the laws. That is how the investors around will have the confidence to invest in digital technologies in Africa, to invest in youth entrepreneurship and finally to invest in trade finance.”
Linking the successes of Ghana at the global GSMA MMRI to the resolve of the patrons at the 2025 WEF reflects the talents Africa is endowed with when the necessary support is given.
The GSMA Mobile Money Regulatory Index which is an interactive tool that measures the effectiveness of mobile money regulatory frameworks of about 90 countries globally, was introduced by the global telecom standard giants GSMA.
The MMRI includes six dimensions covering 26 indicators, and Ghana’s mobile money system emerged the best after all six main dimensions and 26 broad categories were analysed.
The six dimensions and 26 categories are:
Authorisation: eligibility, authorisation instruments, capital requirements, international remittances.
Consumer protection: safeguarding of funds, consumer protection rules, deposit insurance.
Transaction limits: entry-level transaction limits, entry-level monthly limits, entry-level balance limits, maximum transaction limits, maximum monthly limits, maximum balance limits.
Investment and infrastructure environment: financial inclusion strategy, affordability, ID verification infrastructure, interoperability, settlement access, interest payments.
Meanwhile, Ghana’s success could not have been possible without the personal resolve of former Vice President, Dr. Mahamudu Bawumia, who championed the implementation of Ghana’s mobile money interoperability system in the past eight years.
The GSMA is a global organisation unifying the mobile ecosystem to discover, develop and deliver innovation that helps business and society thrive.
The GSM Association (commonly referred to as ‘the GSMA’ or Global System for Mobile Communications, originally Groupe Spécial Mobile) is a non-profit industry organisation that represents the interests of mobile network operators worldwide. More than 750 mobile operators are full GSMA members and a further 400 companies in the broader mobile ecosystem are associate members.
Relief to owners of SIM cards who have their numbers deactivated but had monies in their mobile money accounts are to receive their monies soon as Ministry of Communications and Digitalisation and Bank of Ghana complete the process to facilitate the retrieval of the locked up funds.
Providing an update on the status of the SIM re-registration exercise in Parliament, last week, the Minister of Communication assured affected subscribers that, while they won’t be able to conduct mobile-related transactions with their deactivated SIMs, their funds will be recovered through the necessary processes.
As part of a nationwide re-registration exercise of all SIM cards using the Ghana Card as the only source of identity in the country to help curb increasing cyber and mobile phone related crimes in the country, the National Communication Authority and the Telecommunication Companies deactivated a number of unregistered SIM cards. This resulted in a number of mobile phone users crying out as their monies were locked on the blocked numbers.
“We continue to encourage the National Identification Authority (NIA) to assist people to acquire their Ghana Card. We have also been made aware of the difficulties facing subscribers in accessing their funds on their mobile money wallets”, Ursula Owusu-Ekuful sympathised with victims while speaking in parliament.
“These subscribers will not be able to transact money mobile-related activities, however, we are working with the Bank of Ghana to ensure that these subscribers are able to retrieve funds upon the presentation of a valid ID and going through the required processes.”
The value of mobile money transactions has seen a three percent decrease in a period of one month between March and April 2022.
According to latest data from the Bank of Ghana, the value of transactions dropped from GHS90.5 billion in March to GHS87.7 billion in April.
The number of MoMo transactions also dropped from 413 million in March to 403 million in April.
The Central Bank’s Summary of Economic and Financial Data revealed a minimal decrease in the number of active mobile money accounts from 18.9 million to 18.6 million between March and April this year.
Although it is observed that on a year-on-year basis, most of these transactions recorded an increase in value and volume between April last year and April this year, the figures decreased on a monthly basis.
These reductions seem to be a result of reactions to the electronic transfer levy prior to its actual implementation on May 1, as experts had earlier predicted a reduction in the volumes if the tax policy is approved.
This was indeed confirmed as Mobile Money agents across the country lamented a shortage of cash due to the rush from customers to withdraw their funds from their accounts ahead of the implementation of the levy.
Amidst all this, Mobile Money Interoperability on the other hand has seen increases in both volume and value over the months.
The Bank of Ghana data disclosed that the number of MoMo Interoperability transactions saw an 11 percent increase to record 14.2 million in April, while the value saw about 20 percent increase for the same month.
The GSMA has today published its 10th annual ‘State of the Industry Report on Mobile Money’. It reveals that mobile money adoption and use saw continued growth in 2021, processing a record $1 trillion annually.
The industry enjoyed a substantial increase in the number of registered accounts, up 18% since 2020 reaching 1.35 billion globally. The volume of person-to-person transactions were up to more than 1.5 million every hour.
The report reveals that one of the most significant drivers of growth was merchant payments, which almost doubled year on year.
It also highlights how mobile money continues to act as a core pillar of financial and economic inclusion, particularly for women.
Mobile money diversified its value proposition beyond person-to-persontransfers and cash-in/cash-out transactions in 2021.
It is now playing an important role in the daily lives of people and businesses, especially in low and middle-income countries (LMICs).
The growth of ecosystem transactions such as merchant payments, international remittances, bill payments and bulk disbursements, together with interoperable transactions, are accounting for a more significant share of the global mobile money transaction mix.
Merchant payments were instrumental in the growth of the mobile money industry in 2021. The value of merchant payments almost doubled, reaching an average of $5.5 billion in transactions per month.
Providers are demonstrating that they can attract businesses to their platform with better incentives, such as efficient remote onboarding processes.
For example, since Safaricom’s M-PESA began allowing companies to register for an account online in Kenya, more than 18% of new merchants are self-onboarding.
“2021 was the year mobile money started to really diversify to B2B services. Beyond traditional person-to-person transactions, such as transferring money to family or friends, the industry is now central in helping small businesses operate more efficiently, and serve their customers better” said Max Cuvellier, Head of Mobile for Development, GSMA.
Mobile money has also been a driving force for financial inclusion for the world’s most vulnerable, particularly women. Mobile money is empowering women to take more control over their finances and purchase goods that they urgently need.
Additionally, 44% of providers responding to the GSMA Global Adoption Survey now offer credit, savings or insurance products, creating opportunities for underserved individuals to invest in their livelihoods and futures.
With the gender gap in mobile money account ownership raging from 7% in Kenya to 71% in Pakistan – there remain some barriers to vulnerable people benefitting from mobile money.
Owning a mobile phone is an obvious prerequisite to using mobile money, and women across LMIC’s are 7% less likely than men to own a mobile phone.
Overall, 143 million fewer women own a mobile than men. Additional barriers to mobile money access include a lack of awareness of mobile money and a deficit in perceived relevance, knowledge and skills.
While some progress has been made, the report makes clear that more must be done to address the mobile money gender gap across LMICs.
Concerted action is required from policymakers, the private sector, donors and other stakeholders to learn from success stories, address the issue and ensure that existing gender inequalities are not further entrenched, especially in light of the COVID-19 pandemic.
As highlighted in the report, in 2022, the number of people needing humanitarian assistance is predicted to soar to 274 million.
Mobile money is expected to play an increasingly important role in both donations – where it makes delivery systems more efficient and transparent for humanitarian actors and donors – and the receipt of aid.
The UN Refugee Agency sent $700 million in cash and value assistance (CVA) to 8.5 million recipients in 100 countries in 2020.
They have set up digital payment programmes in 47 countries,15 of which use mobile money. In many humanitarian settings, the digitisation of CVA via mobile money has the potential to promote agency and dignity and foster financial inclusion.
Mobile money also helps to enable access to basic utility services and agricultural solutions in LMICs. And to ensure this work continues, the mobile industry and humanitarian sector must keep working together to advance inclusive digital and financial inclusion even further for those who need it most.
The Bank of Ghana’s latest figures indicate that the value of mobile money (MOMO) transactions in January this year saw an eight percent decrease, from the GHS82.9 billion recorded in December 2021 to record GHS76.2 billion.
Also, the number of MoMo transactions also saw a drop from 401 million in December to 372 in January this year. This comes at the time of heated controversy surrounding the introduction of Electronic Transactions Levy which will have every MOMO transactions exceeding GHC300 to be taxed 1.75%.
Mobile Money Interoperability also saw a 15 percent drop in volume from 12.2 million in December to 10.3 million in January. But, on ear-on-year basis, the Central Bank’s Summary of Macroeconomic and Financial Data report the total number of MoMo transactions increased from 301 million in January last year to 372 million in January this year. MOMO transactions for the first month of this year have risen by 13.6 percent year-on-year to GHS76.2 billion.
“These reductions seem to be a result of reactions to the proposed electronic transfer levy, as government communications had earlier confirmed a reduction in the volumes if the tax policy is approved”, the Central bank indicated.
Meanwhile, the value of Mobile Money Interoperability transactions also saw a whooping jump of over 130 percent from GHS906 million to over GHS2.1 billion between January 2021 and January 2022. Although it is observed that on a year-on-year basis, most of these transactions recorded an increase in value and volume between January last year and January this year, the figures decreased on a monthly basis.
Even Ghana Interbank Payment and Settlement Systems (GHIPPS) Instant Pay, which has constantly seen a rise in volume over the past months saw a 14 percent decrease from 5,375 to 4,620.
Players in the industry have hence predicted more decreases in the volumes and value of electronic transactions should the government go ahead to implement the electronic transfer levy.
