Affordable digital devices, financial services critical enabler for intra-Africa trade

African governments and businesses have been encouraged to ensure citizens' access to affordable smartphones and digital financial services to spur intra-continental trade. This is because affordable digital devices and services are critical enablers for the successful implementation of the Africa Continental Free Trade Area (AfCFTA), financial inclusion, and economic stability. Sector giants, have, therefore, called for increased access to affordable smartphones, quality, fast, and reliable internet, and mobile money interoperability across the African continent. They made the call at the ongoing second Africa Prosperity Dialogues in Aburi in Ghana's Eastern Region. Dr Ernest Addison, Governor, Bank of Ghana (BoG), stated that a time that many African countries had deployed mobile money platforms, there was the need for a strong push for mobile money interoperability. 'This could empower the underserved populations with essential financial tools to help unlock opportunities for savings, loans, and secu re transactions, as well as promote economic stability and growth,' he said. The Governor stated that since the establishment of the Pan-African Payment and Settlement System (PAPSS) only a few of African countries had achieved full interoperability. He noted that intra-African trade for the period 2015 to 2019 averaged 15 per cent for Africa, 58 per cent for Asia and 68 per cent for Europe, with several factors, including lack of payment infrastructure, been identified to be hampering growth of African trade. 'The way forward is for African countries to leverage on the large technological savvy and youthful population to shape the future of payments to drive financial inclusion, intra-trade activities, and promote economic growth overall,' he noted. Dr Addison encouraged that players in the digital and financial value chain on the continent continued with deliberations such as this Dialogue Series to ascertain the best ways of supporting such initiatives that would enable financial inclusion and intra-Af rica trade flows. During a panel discussion, Mr Selorm Adadevoh, Chief Commercial Manager, MTN Group called for bold decisions to remove all regulatory barriers for cross border payments and transactions. He said it was important to invest, both in infrastructure and education of the African populace to be able to be more digital savvy through a right mix of finance and research 'to dictate our own solutions.' 'If we invest in infrastructure without investing in the skills then, we'll never seek to actually derive the benefit from that infrastructure,' Mr Adadevoh said. Ms Nompilo Mrafo, Chief Sustainable and Corporate Affairs Officer, MTN Group, said it was important for governments and private sector players to form partnerships needed to drive affordable digital technology in Africa. Ms Mrafo also called for the empowerment of young people through education so that they are not only consumers but digital entrepreneurs. Ms Angela Kyerematen-Jimoh, Strategic Partnership Lead, Microsoft Africa, noted th at the continent could not drive digital advancement if investment was not made into affordable and reliable data. 'We need data to drive innovations, therefore, it's important that the government take the lead to ensure that we have reliable data to digitalise Africa,' Ms Kyerematen-Jimoh said. Source: Ghana News Agency