Experts and industry leaders in the financial and telecommunications sectors have called on African leaders, regulators, and heads of financial institutions to commit to a continent-wide mobile money interoperability system.
This system would enable individuals to make payments and purchase goods and services across borders using mobile phones.
The call was made at the Mobile Money Interoperability Symposium organized by the Africa Prosperity Network (APN) in Accra, Ghana.
The symposium aimed to promote financial inclusion and drive economic growth across Africa through mobile money interoperability.
Experts emphasized the importance of regulatory harmonization and cooperation between countries to facilitate seamless transactions. They proposed the finalization of a legal framework, the constitution of a governance committee, and the execution of a pilot mechanism with anchor banks, fintech, and telco partners.
Vice President Dr. Bawumia flagged by the Minister for Communications & Digitalization, Mrs. Ursula Enkuful.
Addressing experts and industry leaders at the symposium, the Vice-President of Ghana, Dr. Mahamudu Bawumia, highlighted the need for central banks to prioritize mobile money interoperability, which could replace the idea of a single currency. He championed the cause and shared Ghana’s success story in implementing mobile money interoperability domestically.
The executive chairman of APN, Gabby Asare Otchere-Darko, pointed out that some African countries have successfully introduced mobile money interoperability and urged the continent to follow suit. He emphasized the need for political will and the courage of central bank governors to make cross-border payments a possibility.
According to the APN Chairman, mobile money has revolutionized the financial sector in Africa, with over 500 million registered users and transactions valued at US$1.2 trillion in 2022. However, limited interoperability among mobile operators and financial institutions constrains the continent’s economic potential.
He revealed that the symposium aims to promote continent-wide mobile money interoperability, enabling individuals to make payments and purchase goods and services across borders using their mobile phones.
In addition, the symposium brought together stakeholders from various sectors to discuss the importance of interoperability in driving economic growth and financial inclusion in Africa to address this challenge and present an outcome document to the African Union leaders, urging them to support continent-wide interoperability.
The APN believes that mobile money interoperability is crucial for achieving the African Continental Free Trade Area (AfCFTA) goals and driving sustainable development across the continent. With the support of its partners, the APN is committed to advocating for urgent action towards continent-wide interoperability, rallying central banks and national communications authorities to foster a cohesive approach to achieving seamless mobile money transactions”, Mr. Ochere Darko reiterated.
The Governor of the Bank of Ghana, Dr. Ernest Addison, commended APN for spearheading the symposium and expressed the bank’s readiness to partner with other African central banks to achieve a continent-wide mobile money infrastructure.
The Africa Prosperity Network (APN) is a non-profit organization promoting Africa’s prosperity and economic integration. The African mobile money interoperability symposium is a follow-up to the 2024 edition of the Africa Prosperity Dialogues (APD), which aims to accelerate intra-African trade through the Africa Continental Free Trade Area (AfCFTA).