Ghana
Ghana has plans to largely eliminate cash transactions and aims to become Africa’s largest digital economy. While this may sound ambitious, it is certainly within the realms of possibility. The current stats reveal that cash usage is growing. But so is the usage of digital/online payment modes. The most significant of which is mobile money, which is being used roughly twice as much as cash. Payment apps available in Ghana like Slydepay. Slydepay works for individuals, it allows customers to pay bills, send money, pay airtime & data. Slydepay works for businesses and accepts all the payments for your business on one platform or as an integrated payment system on your website.
Payment studies revealed that 94.5% of respondents in Ghana use mobile money as a mode of payment, followed by cash at 86.8%. Among other modes of payment, mobile payment using bank-issued apps is popular, followed by card payments, online bank transfers, and non-bank mobile payment apps. GDP of Ghana - 77 billionIn 2021 the amount of digital payment transactions reached 2.93 billion. According to Statista. Ghana has plans to largely eliminate cash transactions and aims to become Africa’s largest digital economy. While this may sound ambitious, it is certainly within the realms of possibility. The current stats reveal that cash usage is growing. But so is the usage of digital/online payment modes. The most significant of which is mobile money, which is being used roughly twice as much as cash. Payment apps available in Ghana like Slydepay. Slydepay works for individuals, it allows customers to pay bills, send money, pay airtime & data. Slydepay works for businesses and accepts all the payments for your business on one platform or as an integrated payment system on your website.
Top banks
Top payment methods
Registered mobile money accounts reached 30 million in 2020, and mobile money transactions exceeded $36 billion. For many of these accounts, the operators charge or a small fee for payments on basic utilities or to shift funds to a bank account. There are low fees for using mobile money at designated merchants and somewhat higher fees to withdraw cash using an ATM or cash out the mobile money account.In order to find a perception of Gahnian towards the use of a credit card system, we gather information from one of the research where respondents were probed further to explain why they are likely or not likely to have credit cards. All 86,7 % answered that they are likely to use a credit card system because it enhances convenience, online transaction, defer of payment, access of money and also it is easy to carry. In contrast, the 12,4% of the consumers who said they were not likely to use credit cards explained that credit cards could lead to fraud, impulse buying, and high interest rate.
Airtel’s mobile money is an e-wallet that allows customers to make online and offline payments, pay bills, top up their mobile phones and make and receive money transfers. Customers can load their wallets via payment cards, or bank accounts or connect their mobile numbers to bank accounts via UPI for sending/requesting payments.
GCB G-Money
GCB G-Money - Mobile money. Dial the short code *422# from any mobile phone brand or network to get started. Then choose from a variety of options such as Send Money, Buy Airtime, Pay Bills etc.
Yup Ghana Limited
Yup Ghana Limited - mobile money wallet that allows you to make transfers, deposits and withdrawals, pay bills off and online, buy airtime credit, have funds, pay salaries and make bulk payments.
Vodafone Mobile Financial Services Limited
Vodafone Mobile Financial Services Limited - While you dial *110# you see the menu with options: Send Money, Withdraw cash and Buy Airtime/Data, Make Payments(Pay Bills, buy goods, donations..etc.). You can transfer money to multiple bank accounts and even make ATM withdrawals.
Zeepay
Zeepay connects digital assets such as mobile money wallets, cards, ATMs, Bank Accounts and Digital tokens to International Money Transfer Operators, Payments, Subscriptions, International Airtime and Refugee payments. With Zeepay, access to funds is borderless and can be delivered to Anyone anywhere in the blink of an eye. It’s Cash-To-Cash Pick up. The platform allows one to send money directly from UK, USA, Europe, Canada and some countries in Asia to Ghana in seconds.
SLYDEPAY
Special case SLYDEPAY:
Slydepay is a mobile wallet in Ghana. It allows customers to pay bills, top up mobile phones, make money transfers and pay in-store via QR code and online via an e-mail and password.
• Send money to any mobile money wallet and bank account.
• Money Stories: Keep track of all your transactions in one place and view the details whenever you like.
• Buy airtime and pay bills - Pay your DSTv, GoTv, ECG and more with Slydepay.
• Available on different platforms – App, Web and USSD
• Add funds to your wallet through a variety of channels (AirtelTigo, MTN Mobile Money, Vodafone Cash, Stanbic Bank Account, VISA, MasterCard)
Concluding remarks
In summary in Ghana, there are various payment methods that people use to conduct financial transactions. These include:
Cash
Cash is still widely used in Ghana for everyday transactions, despite efforts to promote digital payments.
Non-bank mobile payment apps
Non-bank mobile payment apps: Besides mobile money, there are other mobile payment apps available in Ghana, such as Slydepay, which allow users to send and receive money, pay bills, and purchase goods and services.
Mobile money
Mobile money: This is a popular payment method in Ghana, where people use mobile phones to send and receive money, pay bills, and purchase goods and services.
Online bank transfers
Online bank transfers: Many banks in Ghana offer online banking services, allowing customers to transfer money between accounts and pay bills electronically.
Card payments
Card payments: Debit and credit card payments are becoming increasingly popular in Ghana, especially in urban areas. People with a higher education trust credit cards more and more, as they are simply acknowledged the way credit cards work.
For more information contact us: info@processing.news
About us
Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
We attract website owners and payment professionals on our portal through marketing channels and personal communication. Also we work as affiliates and recommend to the website owners where they can find a PSP who supports their business model and we introduce clients to PSP.
Book a consultation
