Also, the growth in value of transaction was up by almost 170 per cent from about GH¢1.4 billion in the first half of 2017 to GH¢3.7 billion for the same period this year.  The total value of express ACH Direct Credit for 2017 amounted to GH¢4.5 billion. This is contained in a summary of GhIPSS product performance for the half year of 2018.

The ACH Direct Credit is an electronic form of transferring funds from one bank account to another. A regular Direct Credit transfer is effected between 24 and 48 hours, however an express Direct Credit is effected the same day, once the request in made before 10:00 hours. Mr Archie Hesse, Chief Executive of Ghana Interbank Payment and Settlement Systems (GhIPSS), noted that, the jump in both volume and value of express ACH Direct Credit showed high public interest in the product.

He said the convenience and security that express Direct Credit offered the customer could be the likely reason for the high growth in patronage. Mr. Hesse also observed that there was a huge increase in patronage for most of the express services.

According to him, the half year performance report shows that growth in patronage for GhIPSS Instant Pay (GIP) was exceptional, going up by over 800 per cent in terms of value and almost 700 per cent in terms of volume.

Express cheque clearing also went up 61 per cent in terms of value and about 52 per cent in terms of volume.  The GhIPSS CEO explained that increasing growth in patronage for express ACH Direct Credit, express cheque clearing and GIP, shows that customers want quicker access to their funds.

He therefore urged banks to fashion their products in line with the trend.