What are the primary electronic payment systems available in Ghana?

14 Jun 2024 By PAYCEC

Mobile money, electronic funds transfer (EFT), online banking, and card payments are the four payment systems ruling Ghana's digital economy.

For example, mobile money services allow customers to spend their money without taking their cards out at the counter. Electronic Funds Transfers handle high-value transactions such as salary payments, vendor transactions, and interbank transfers.

While Internet banking, like mobile money services, allows customers to move funds around, it takes a distinct approach by using high-level security measures that protect customer data.

A few online banks are also the issuers of cards, another core payment channel in Ghana, furthering their financial inclusion efforts in the country and throughout Africa.

Let's look at some examples that demonstrate this dynamic payment scene. First, we have Hubtel, a complete online ordering and self-checkout platform.

Users may make an order and have it delivered right to their home with a few simple clicks, and if they own a business, they can use management systems to simplify operations.

The payment process starts when sellers upload their contacts to an Excel sheet, and their contacts can pay online or with USSD. The money goes straight to their bank account or mobile wallet, all without hassle.

Besides, PayCEC diversified payment processors in Ghana by combining payment flexibility, easy integration, and customization features into a user-friendly platform, which merchants can leverage to deliver a checkout experience that satisfies users across touchpoints.

Beyond its technical capabilities, PayCEC provides resources and support for small and medium-sized enterprises (SMEs) and bridges the gap for those who might otherwise struggle with digital integration, reflected in their continuous efforts to adapt to the financial world that sees change at every level and in every corner of the planet.

With foolproof integration, advanced security measures, and tireless customer support, PayCEC provides a reliable foundation upon which businesses build their digital payment strategy. Contact us to discover more!