The total volume of transactions cleared through the direct credit system declined by 3.2 percent to 9,494,967 in 2023, a report by the Bank of Ghana has revealed.

The decline in the volume of transactions could be attributed to the adoption of other instantaneous payment platforms such as the GIP, mobile money and mobile money interoperability, the central bank’s Payment Systems Oversight Annual Report 2023 notes.

It said the total value of direct credit transfers increased by GH¢12.10 billion, representing an increase of 15.8 percent.

The growth, according to the report, was driven by institutional payments including pensions, salaries, and business-to-business payments.

In the same year, also, the total volume of direct debit transactions declined by 91,543 (10.90 percent) from 840,369 in 2022.

The total value of transactions, however, increased by GH¢784 million to GH¢2,433 million (47.53 percent).

The average value per transaction increased from GH¢1,962 in 2022 to GH¢3,248 representing an increase of 65.56 percent.