The Governor of the Bank of Ghana, Dr. Philip Addison, has urged for seamless cross-border payments in Africa, highlighting the vast potential of interoperable mobile money systems.
Speaking at the African Prosperity Network’s symposium, Dr. Addison noted that Africa’s cross-border payments are costly, with fees reaching $40 per transaction in some markets.
He commended the progress made in domestic payment interoperability, citing Ghana’s experience, and emphasized the need for harmonized regulatory frameworks, consistent technical standards, robust infrastructure, and strong public-private partnerships to achieve cross-border payment interoperability.
Dr. Philip Addison expressed optimism that the foundational elements for implementing cross-border payment interoperability are already in place in some African countries, including regulatory sandbox programs, progressive regulatory frameworks, and a dynamic fintech sector.
The Governor commended the symposium organizers for fostering collaboration and innovation and hoped that other central banks will join in to contribute to the implementation of seamless cross-border payment interoperability, aligning with the African Continental Free Trade Area (AfCFTA) objective to increase intra-African trade and create a single continental market for goods and services.
Source : Oyerepafmonline.com /Bernard K Dadzie
