• The adoption of an integrated approach to improve intra-African payment is key
• The implementation of AfCFTA will boost intra-Africa trade
Ghana’s central bank governor, Dr. Ernest Addison, has called for a multi-dimensional integrated solutions approach to tackle the inherent frictions in cross-border payments in Africa.
According to him, this is necessary towards increasing the pace and implementation of payment system integration on the continent.
Speaking at a virtual Association of African Central Banks Annual Conference on Payment Systems, the BoG Governor said “to tackle these longstanding inherent frictions in cross-border payments requires a multidimensional integrated solutions approach, with strong stakeholder collaboration.”
“Therefore, to foster the transformation of a payments systems infrastructure that supports economic diversification of the continent ongoing efforts at payment systems integration will require additional momentum,” he continued.
Touching on the adoption of an affordable payment system, the Bank of Governor urged stakeholders to swiftly adopt and develop mobile money platforms to facilitate effective payments.
“Mobile payment adoption is already high on the African continent; hence affordable intra-African mobile payment solutions should be explored to stimulate cross border retail payments and minimize the cost of regional operations especially for small and medium-sized enterprises,” Dr. Addison explained.
Meanwhile, the Mobile Money service in Ghana has improved the efficiency of money transactions. Read Full Story
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