Accra: Dr Zakari Mumuni, First Deputy Governor of the Bank of Ghana (BoG), has identified fragmentation in Africa's payment systems as a major barrier to digital financial integration. He emphasized that Africa's ambition of building a seamless and inclusive digital financial ecosystem would remain unattainable without urgent efforts to bridge gaps within national systems.
According to Ghana News Agency, Dr Mumuni delivered the closing keynote address at the 2026 3i Africa Summit in Accra, where he explained that Africa already possessed strong foundational elements such as mobile money platforms, instant payment systems, agent networks, and government-led digital transfer programmes. However, he stressed that the challenge lay not in innovation but in scaling these solutions across borders.
Dr Mumuni highlighted that fragmentation remains a significant constraint due to disconnected payment systems, uneven regulatory frameworks, and limited interoperability. He noted that the task at hand is to scale-not invent-by connecting national systems, harmonising standards, and enabling seamless movement of value across borders.
He cautioned that without deliberate coordination among countries, financial institutions, and regulators, gaps would persist, and the promise of a single digital market would remain elusive. Dr Mumuni underscored the importance of leadership in addressing fragmentation, stating that markets alone will not deliver this transformation and that active roles must be taken by governments, central banks, and regulatory authorities.
Dr Mumuni called for practical actions such as strengthening digital public infrastructure, aligning regulations, and fostering cross-border partnerships beyond pilot initiatives. He urged stakeholders to move from discussions to implementation and to scale what works, moving beyond pilots to full implementation.
He warned that failure to address fragmentation could expose the financial system to risks like cybersecurity threats, data misuse, and market imbalances, which could undermine trust in digital finance. Dr Mumuni emphasized that inclusivity must remain central to integration efforts and urged stakeholders to sustain momentum beyond the summit to translate commitments into measurable outcomes that would reshape Africa's financial landscape.