President Akufo-Addo advocates  for Mobile Money Interoperability at AU Mid-Year Coordination Meeting

President Nana Addo Dankwa Akufo-Addo of Ghana has reiterated the pivotal role of mobile money interoperability in advancing economic integration across the  African continent.

Addressing  the AU Mid-Year Coordination Meeting in Accra,

 On the  theme:  “Scaling Up Interoperability for Economic Integration: Using Mobile Money to Buy and Sell Across Africa,” President Nana Addo emphasized the transformative potential of a unified digital financial system.

President Akufo-Addo in his presentation revisited  the inception of the African Continental Free Trade Area (AfCFTA) in 2021, which aimed to establish the world’s largest single market. He underscored the necessity of enabling free movement, trade, and economic interactions across African borders to achieve the envisioned Africa of opportunity, dignity, and prosperity.

He reaffirmed the ambitious goal set in Kigali to increase intra-African trade from 15% in 2019 to over 50% by 2045.

Highlighting Africa’s projected population growth to 2.4 billion by 2050, he stressed the importance of creating a seamless market of nearly 1.4 billion consumers.

“The destiny of Africa will be shaped by what we, as today’s leaders, do with AfCFTA,” President Akufo-Addo stated.

He called for the single market project to be made meaningful to Africa’s micro, small, and medium-scale enterprises (MSMEs), which constitute 90% of businesses and provide 80% of job opportunities on the continent.

Emphasizing the critical role of political will, he noted the existing enthusiasm within the private sector for cross-border business.

“With the introduction of interoperability in Africa, we will recognize that a critical enabler for intra-African trade is having a Pan-African payment system,” he asserted.

President Akufo-Addo also stressed  the significant impact of the Pan African Payments and Settlement Systems (PAPSS) and called on all heads of state, central banks, and institutional stakeholders to embrace it. He cited the exponential growth of mobile money usage across Africa, representing nearly 70% of global mobile money transaction values, amounting to over $1.26 trillion.

He detailed how mobile money technology has revolutionized financial transactions, particularly for SMEs, enabling easier business operations and expanded financial access. He predicted that within three years, 25% of Africa’s SMEs would use online tools like Instagram for sales, driving further demand for digital payments.

President Akufo-Addo urged immediate leadership commitment to enable mobile money interoperability across Africa. “We can and must all sign up to achieving this continent-wide mobile money interoperability in the shortest possible time,” he declared.

Reflecting on the progress made at the 37th African Union Summit in Addis Ababa, he called for the next steps to build on the AfCFTA Protocol on Digital Trade. He emphasized the need for interoperability across member states to overcome fragmented financial systems and facilitate seamless transactions.

“Interoperability will enable our payment systems to work together, reduce transaction costs, and create a unified market that supports our SMEs and large enterprises alike,” he stated. He called for collaboration among regulators, central banks, financial institutions, mobile money operators, FinTech innovators, and other stakeholders to achieve this goal.

Outlining a roadmap for 2027, President Akufo-Addo called for bringing all member states on board the PAPSS, allowing cross-border mobile money interoperability, improving cross-platform integration for seamless transactions, developing a continental regulatory framework for mobile money, investing in technology and infrastructure to bridge disparities, and completing AfCFTA negotiations to enhance trade ease.

“Interoperability is not just a technical issue; it provides a cornerstone for our economic future,” he concluded, urging leaders to offer the youth the freedom to economically express their creativity without border constraints.

“We stand at the gates of unlocking tremendous opportunities for trade, investment, growth, jobs, and economic integration in Africa for Africans. I believe in the Africa we want, and I know so do you”

 President Nana Addo this called  for decisive action towards a prosperous, integrated, and globally competitive continent.