In 2023, the volume of inter-bank cheques cleared reduced by 244,995, representing a 4.3 per cent decline, compared to a decline of 3.4 per cent in 2022.

The total value of cheques cleared, however, increased by 15.5 per cent to GH¢293.93 billion in 2023, the Bank of Ghana’s Payment Systems Oversight Annual Report 2023 says.

The report noted that there has been a systematic decline in the volume of cheque transactions over the past few years which is attributable to increased availability and usage of new instant payment instruments.

Meanwhile, the number of registered internet banking customers increased by 16.60 per cent to 1,317,003 in 2023.

Similarly, the number of registered mobile banking customers increased by 51.54 per cent to 7,287,579 in 2023.

The total value of internet banking transactions increased by 22.90 per cent to GH¢98.87 billion in 2023 compared with GH¢80.44 billion in 2022.

The total volume of internet banking transactions also increased by 30.65 per cent to 13,501,492 in 2023.

The value of mobile banking transactions was GH¢80.40 billion in 2023 compared to GH¢38.48 billion in 2022.

The volume of mobile banking transactions was 66,941,069 in 2023 compared to 65,322,898 in 2022.