Accra: Ghana has called for accelerated deployment of instant payment platforms and stronger interoperability across Africa to make digital payments accessible, affordable and trusted. The Bank of Ghana said fragmented payment systems continued to constrain the development of a fully integrated continental digital economy.
According to Ghana News Agency, Dr. Zakari Mumuni, First Deputy Governor of the Bank of Ghana (BoG), made the call in a keynote address on inclusive instant payments as economic infrastructure at the 3i Africa Summit in Accra. He said Africa's progress in instant payment systems remained uneven, with none yet achieving inclusivity at scale, noting that fragmentation limited efficiency and constrained the ability of households, businesses, and governments to fully benefit from digital finance.
Dr. Mumuni emphasized that resolving these issues is crucial for realizing the promise of a fully integrated digital economy. He described inclusive instant payments as essential infrastructure and urged for coordinated efforts among regulators, payment system operators, financial institutions, and fintech companies to reduce friction and expand access.
He highlighted that interoperability is central to Ghana's strategy, with reforms focused on supporting both domestic efficiency and regional integration through a unified system for real-time, low-cost transactions. Dr. Mumuni cited electronic Know Your Customer (eKYC) frameworks, reduced onboarding barriers, and harmonized licensing regimes as key reforms being implemented to support payment system integration while maintaining financial stability.
Ghana is collaborating with regional partners to harmonize standards and link payment systems across jurisdictions. Dr. Mumuni stressed that a payment system that excludes cannot serve as economic infrastructure. He argued that interoperable systems are crucial for enabling seamless functionality for all users, across all platforms, in real time.
He stated that interoperability would help attract investment, deepen financial inclusion, and strengthen resilience against economic shocks, urging African countries to act with urgency and purpose. Dr. Mumuni noted that the technological foundations already exist across the continent, and the potential gains are substantial.
Dr. Mumuni concluded by calling for commitment and execution, urging stakeholders to move beyond fragmentation to full interoperability. He advocated for creating systems that are inclusive by design and efficient by default, encouraging collaboration across institutions and borders to deliver the integrated payment infrastructure that African economies require.
Industry stakeholders and development partners at the summit welcomed the call for continent-wide interoperability and expressed support for closer collaboration with regulators to advance instant payment systems across Africa.