Mr Archie Hesse, the Chief Executive of  GhIPSS, said increased awareness on the quicker formed of payment would encourage the unbanked to open accounts with the banks.

"When the unbanked get to know that they can receive or make payment instantly or within the same day with funds lodged at the banks, it could motivate them to open accounts with the banks," he said.

According to GhIPSS first quarter Industry Performance patronage for Instant Pay, and express Direct Credit, the two electronic payment channels that enable the banking public to have quicker use of their funds, was on the rise.

Instant Pay (GIP) recorded a growth in volume of about 423.9 percent from 24,227 in the first quarter of 2018 to 126,925 transactions.

Express Direct Credit also recorded a growth of 16.5 percent from 162,774 for the first quarter of 2018 to 189,587 transactions for the same period this year.

The 16.5 percent growth is significantly higher than the 4.2 percent growth that regular Direct Credit recorded over the same period.

Mr. Hesse encouraged banks to also intensify public education on these electronic payment options since it could win them customers.

Instant Pay is an electronic payment system that enables a customer to transfer money from one bank account to another of a different bank and the transfer is effected instantly.

Express Direct Credit, on the other hand, enables customers to make or receive payment through their account electronically on the same day through Direct Credit.

Instant Pay and express Direct Credit were introduced to give individuals and organisations the option to make or receive payment quicker than the regular channel.

It is also intended to give the public the confidence that their monies at the banks can be accessed and used for urgent payments, without even stepping into the banking halls.