Ghanaians have grown to embrace electronic transactions over the years and this has been manifest in so many ways including the rise in mobile money transactions.
The latest rise in a digital form of money transaction has been recorded by the GhIPSS Instant Pay (GIP). There has been an astronomic rise in transactions for the first half of this year which is more than what was recorded within the same period last year.
GIP is an electronic payment system that allows users to instantly transfer money from one bank account to another bank account of a different bank.
According to a half year summary performance of GhIPSS product report, the volume of GIP transactions moved from 7,181 in the first half of 2017 to 53,201 in the first half of this year, up by a whopping 698 per cent.
The estimation of exchange similarly shot up amazingly from GH¢16.5 million to GH¢150.2 million, speaking to a hop of more than 812 for each penny.
The gargantuan bounce in volume and estimation of GIP exchanges has been credited to expanded number of establishments offering services based GIP, following predictable government funded education on the item.
At the end of the first half of this year, 31 banks and 6 third party institutions had successfully integrated with the GIP platform.
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