The Bank of Ghana's First Deputy Governor, Dr. Zakari Mumuni, has called for immediate action to establish inclusive and interoperable instant payment systems across Africa, describing them as vital infrastructure for the continent's digital economy.
Speaking at the 3i Africa Summit 2026 in Accra, Dr. Mumuni emphasized that despite significant progress in financial access through mobile money and digital wallets, fragmentation continues to hinder the full benefits of digital finance. He stated, “Inclusive instant payments are not optional, they are essential infrastructure.” High transaction costs and isolated platforms limit financial transactions across regions. These integrated systems would enable real-time, low-cost transactions across connected networks, linking banks, fintech companies, businesses, and consumers.
This initiative aligns with Ghana's broader economic strategy to leverage technology for financial inclusion and stability. Ghana has already implemented multiple instant payment platforms. The nation aims for systems that are accessible, affordable, and trustworthy for all citizens. Integrating payment systems across Africa could unlock substantial economic growth. It would facilitate easier cross-border trade and investment. This aligns with the African Continental Free Trade Area (AfCFTA) goals. Reliable data for policymakers shows that strong digital payment infrastructure supports economic diversification.
Dr. Mumuni highlighted that the economic benefits extend beyond convenience, enhancing liquidity management for businesses. These systems can also strengthen government revenue collection. They provide affordable financial services to underserved communities. He noted that for financial institutions, instant payments generate data that drives innovation in credit, savings, and risk management.
Despite advancements, no existing instant payment system in Africa has achieved full inclusivity on a large scale. Dr. Mumuni stressed that “building infrastructure is not enough; we must ensure that it works universally and equitably.” He urged stronger partnerships among regulators, payment operators, financial institutions, and fintech firms to remove obstacles and improve interoperability across African markets.
Looking ahead, Dr. Mumuni advocated for harmonized electronic Know-Your-Customer (eKYC) frameworks. He also called for aligned licensing regimes and deeper cooperation among regulators. These steps are critical for the seamless expansion of digital financial services. The next frontier involves moving beyond pilot projects to scaling proven systems with clear timelines and cross-border collaborations. Markets will closely watch for concrete steps in regulatory reform and infrastructure development. Policy makers must address emerging risks like cybersecurity threats and data misuse to ensure trust in new systems.
The Bank of Ghana aims to ensure payment systems are comprehensive and reliable. This vision supports a more connected and resilient African digital economy. The focus remains on implementing practical solutions. These solutions will improve financial access and efficiency across the continent. This commitment will define the future of Africa's financial landscape.