Story by, Nsor Paul Mensah
Dr. Mahamudu Bawumia the vice president of Republic of Ghana has urged for the establishment of a Pan-African payment system and mobile money interoperability to enhance intra-African trade and economic integration.
Giving the keynote address at Africa Prosperity Network Interoperability Symposium in Accra, the vice president Dr. Bawumia emphasized the need to address the challenges hindering intra-African trade, including low trade volumes, foreign exchange issues, and inadequate payment infrastructure.
Theme :‘Scaling up Interoperability: Using Mobile to Buy & Sell Across Africa’.
Vice president praised Ghana’s mobile money interoperability model, which has achieved significant financial inclusion and growth, and proposed scaling up the model Globally.
Dr. Bawumia emphasized that mobile money interoperability is a more feasible alternative to a common currency, urging central banks, telcos, and governments to cooperate and prioritize political will to achieve this goal.
The Vice President expressed his commitment to driving continental mobile money interoperability, believing it is achievable and essential for Africa’s economic progress.
The development of a Pan-African payment system and mobile money interoperability could revolutionize trade and financial inclusion across the continent, aligning with the African Union’s vision of enhancing intra-African trade and economic integration.
The Executive chairman and founder of the Africa Prosperity Network, Gabby Asare Otchere-Darko, called on African leaders across the continent to approve and make cross-border Mobile Money transaction possible.
Addressing participants at the symposium, Mr. Otchere-Darko emphasized that, the aim of making Africa interconnected through mobile money can only be achieved when the continent’s leaders accept it despite current challenges.
“Currently, numerous mobile operators and financial institutions operate in silos, creating an environment of limited interoperability that constrains the continent’s economic potential. Key stakeholders, including Mobile Network Operators (MTN, Orange, Telecel, MT, Safaricom, Vodacom and Airtel), Financial Institutions (Commercial banks, Development banks), Regulatory Bodies (Telecom Regulators, Central Banks, National Security Agencies), Trade Associations and Governments, hold pivotal roles in this ecosystem. Above all, we need the political will of African leaders and the courage and commitment of our central bank governors to make cross-border payment possible”, he said.
Mr. Otchere-Darko highlighted that, the move is to achieve smooth mobile money transaction across Africa boarders.
“The Africa Prosperity Network, supported by its valued partners, is committed to advocating the urgent need for continent-wide interoperability and makes this special appeal to all heads of government, central bank governors and national communications authorities for their support. By rallying central banks across the continent, we aim to foster a cohesive approach to achieving seamless mobile money transactions.
This unified effort is essential to drive the adoption of interoperability standards and ensure the successful integration of mobile money systems across Africa.“
“We can unlock the full potential of mobile money and drive sustainable development across the continent. The time to act is now, and with concerted efforts, we can build a more inclusive and prosperous Africa”.