GhanaPay surpasses one million users as digital finance surges post e-levy repeal

Ghana’s national mobile money service, GhanaPay, has reached a major milestone, crossing one million subscribers just three years after its launch.

The achievement underscores a growing shift toward digital financial services, accelerated by the government’s repeal of the controversial Electronic Transfer Levy (E-Levy).

Developed by the Ghana Interbank Payment and Settlement Systems (GhIPSS) in collaboration with financial institutions, GhanaPay was designed to democratize access to mobile banking.

It offers a unique blend of fee-free transactions and seamless integration with users’ existing bank accounts—an offering that has struck a chord, particularly in peri-urban and rural areas where traditional banking services remain limited.

Since the E-Levy’s removal earlier this year, digital payment platforms have witnessed a surge in activity.

GhanaPay, with its zero-charge model and accessible interface, has stood out as a preferred alternative for users wary of hidden fees and seeking greater financial control.

Its appeal has also been bolstered by high-interest digital wallets and simplified savings tools aimed at the unbanked population.

“This milestone reflects our commitment to bridging the financial inclusion gap,” said a spokesperson for GhIPSS. “We’re proud to see more Ghanaians using secure, bank-led digital services to manage their money.”

However, while the growth figures are encouraging, analysts caution that GhanaPay’s current business model may face challenges in the long term.

The platform’s reliance on free services, without a clear monetization strategy, raises questions about sustainability in a competitive digital payments landscape increasingly populated by fintech startups and telecom-led solutions.

“GhanaPay has achieved impressive user acquisition, but the bigger test will be retention and profitability,” noted one Accra-based financial analyst.

“Without diversified revenue streams, it may struggle to maintain its infrastructure and expand services.”

As Ghana’s digital finance ecosystem continues to evolve, GhanaPay’s ability to innovate while maintaining affordability could determine whether it becomes a permanent fixture or a fleeting disruptor in the country’s fintech journey.