E-zwich Card Issuance Rises 2.7% as Transaction Volumes Plunge by 45%

The number of e-zwich cards issued in Ghana increased by 2.7 percent in 2025, even as transaction volumes on the platform plunged by 44.9 percent, according to the Bank of Ghana’s Payment Systems Oversight Annual Report 2025.

The number of e-zwich cards issued rose from about 4.19 million in 2024 to 4.31 million in 2025.

However, transactions conducted through the platform fell from 9.63 million in 2024 to 5.31 million in 2025, representing a 44.9 percent decline.

The Bank of Ghana attributed the decline to government payment volumes, noting that “the decline in e-Zwich transaction volumes was attributed to a significant reduction in the volumes of government payments.”

Despite the sharp fall in the number of transactions, the value of transactions processed through e-zwich increased by 25.1 percent, rising from GH¢37.89 billion in 2024 to GH¢47.39 billion in 2025.

The Bank of Ghana attributed the decline in transaction volumes to a significant reduction in government-payment volumes during the year.

The increase in transaction value amid falling volumes also resulted in a significant rise in the average value of transactions.

Average transaction value increased by 127 percent, from GH¢3,936.03 in 2024 to GH¢8,933.83 in 2025.

The figures indicate that although more e-zwich cards were issued during the year, the cards were used for significantly fewer transactions.

At the same time, the transactions that were conducted through the platform involved substantially higher amounts, resulting in total transaction value increasing despite the decline in transaction volume.

The development highlights a divergence between the growth in e-zwich card issuance and actual transaction activity on the platform.

With more than four million cards in circulation but transaction volumes falling by almost half, the figures raise questions about the frequency with which e-zwich cards are being used and the extent to which government-related payments have historically driven activity on the platform.

The Bank of Ghana’s explanation points to the reduction in government-payment volumes as a major factor behind the decline, making the changing composition of e-zwich transactions an important area for further scrutiny.

Source: thebftonline.com