The number of internet banking customers increased by 16.60% to 1,317,003 in 2023, from 1,129,387 in 2022, the Bank of Ghana has disclosed in the Financial Stability Review.

Similarly, the number of registered mobile banking customers increased by 51.54% to 7,287,579 from 4,809,103 in 2022.

Again, the total value of internet banking transactions increased by 22.90% to GH₵98,870 million in 2023, compared with GH₵80,440 million in 2022.

Total volume of internet banking transactions also increased by 30.65% to 13,501,492 in 2023 from 10,334,353 in 2022.

The value of mobile banking transactions was GH₵80,400 million in 2023, compared to GH₵38,475 million in 2022.

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

BoG steps up oversight, supervisory activities of payments ecosystems  

Meanwhile, the Bank of Ghana has stepped up its oversight and supervisory activities of the payments ecosystem to address key risks emerging in the sector.

Notwithstanding the positive developments highlighted earlier, the ecosystem has been exposed to significant risks emanating from fraud, cybersecurity, governance, and information security.

To engender confidence and foster digital payments, the Central Bank maintained strong internal and external collaboration with key stakeholders and security agencies towards curbing fraud in the payment space.

To enhance the safety and security of online / digital payments, the Bank of Ghana was also proactive in implementing measures to combat cyber fraud and scams. The increased adoption of digital payments options has made the space attractive to cyber criminals.

Also, the Central Bank stepped up public sensitisation, issued directives and promptly investigated fraud cases to deal with increasing fraud.