The number of registered internet banking customers declined by 2.65 percent from 962,487 in 2016 to 936,965 in 2017 while that of registered mobile banking customers also decreased by 2.97 percent from 2,175,644 in 2016 to 2,110,984 in 2017.
However, the value of internet banking transactions showed an increase of 43.66 per cent to GH¢9.74 billion in 2017 compared with the 2016 position of GH¢6.78 billion. Mobile banking transaction was GH¢1.50 billion in 2017 compared with GH¢357.38 million in 2016 and representing a growth of 320.10 per cent.
By the close of 2015, available statistics revealed that Ghana had 35,283,957 telephone subscribers, which represented a teledensity of 129.63 per cent. Mobile data subscribers, as of December 2015 stood at 18,031,188, representing 65.74 per cent, and according to Africa 2017 population and Internet users’ statistics from internetworldstats.com, Ghana has 7,958,675 Internet users representing 27.8 per cent of the population as at March 17, 2017, however Internet banking has not caught on yet in the country.
That is notwithstanding the fact that not a single day passes by without adverts from the banks in Ghana announcing to customers and prospective customers about migration onto an Internet banking solution.
Internet and technology are currently driving virtually every industry around the globe and the banking industry in Ghana is cashing in on the many opportunities these offer – one of such opportunities is Internet banking solution.
Currently most banks in Ghana have Internet banking solutions but as to whether customers are making good use of it or even know the advantages that it has to offer is another mystery yet to be unraveled.
There are about 33 licensed banks in Ghana as at June 2018. Internet banking solution is a “customer-centric architecture that enables financial institutions to launch one-stop financial services to its customers using the Internet as a platform. Internet banking solutions are web-based solutions that are integrated into the bank’s core banking software and customized to interact with the banking software and customer database to offer suitable e-banking products and services to its customers.
Customers can initiate transactions at any place at any time provided they have access to Internet. customers are able to avoid being in heavy traffic to undertake business dealings as well as avoid long queues in the banking hall.
Customers are able to monitor activities on their accounts and thus increase their confidence in the banking system.
Internet banking also helps multiple account holders, especially traders, in the management of their funds. Customers are able to move funds from one account to another to avoid insufficient funds in one account while there are idle funds in other accounts. This can save them the cost of returned cheques charges and debit interest on overdrawn accounts.
Internet banking eliminates the geographical boundaries that exist with traditional bank service delivery and as a result, a customer in other geographical areas can do business with a bank without necessarily being at the location of the bank.
Internet banking solutions enable customers to bank conveniently and easily while saving time and money. Internet banking in Ghana has a lot of prospects due to developments in Internet technology – Internet technology is increasing across the globe and Ghana is not left behind coupled with the fact that Ghana currently has 4G network providers. Also, the cost of Internet is becoming relatively cheaper each day as competition among service providers intensifies.
By Adu Koranteng