Dr. Zakari Mumuni, First Deputy Governor of the Bank of Ghana, has called on African governments and central banks to prioritize executing digital finance strategies. He warned that fragmented systems could prevent the continent from achieving a truly integrated financial market. This imperative was delivered at the 2026 3i Africa Summit in Accra.
Dr. Mumuni stated that Africa's digital financial future is a live policy choice being shaped by decisions made today. He highlighted existing digital finance models across the continent, including mobile money platforms and instant payment systems. The challenge lies in scaling these models, connecting national systems, and harmonizing standards for seamless cross-border value movement. Fragmented payment systems and uneven regulatory frameworks are key obstacles to digital finance potential.
This call for integration aligns with broader efforts to deepen digital financial ties under the African Continental Free Trade Area (AfCFTA). While fintech adoption and mobile payments have grown rapidly, many systems remain isolated. Data indicates that without deliberate coordination, the promise of a single digital market will remain out of reach. Ensuring interoperability and shared standards are crucial for enhancing trade and investment across Africa.
Dr. Mumuni said markets alone cannot deliver this transformation. Governments, central banks, and regulatory authorities must actively shape the ecosystem to ensure innovation supports stability, trust, and inclusion. This requires commitments to concrete timelines and cross-border partnerships that move beyond pilot programs to full implementation. Strengthening digital public infrastructure and investing in supervisory capacity are also vital.
The warning is significant because Africa's digital finance success often comes from individual markets. However, national successes may not support cross-border activities without interoperable systems and coordinated regulation. Businesses and consumers need reliable and interconnected digital financial services to thrive across borders.
Dr. Mumuni also cautioned about risks associated with digital transition, such as cybersecurity vulnerabilities and data misuse. He stressed the importance of asking who benefits and ensuring expansion of inclusion in practice. Regulators face the challenge of supporting innovation while protecting financial stability, consumer confidence, and inclusion. This careful balance is crucial for sustainable economic growth.
The success of the 3i Africa Summit, according to Dr. Mumuni, will be measured by subsequent actions. These actions include enduring collaborations, materialized reforms, and institutions translating insights into execution. This forward-looking perspective emphasizes the commitment required from policymakers and stakeholders.
Ghana's push for digital financial integration reflects its broader economic agenda to foster growth and stability. The Bank of Ghana, like other central banks in Africa, is navigating the complexities of rapid technological advancement. This involves balancing innovation with the need for robust regulatory frameworks. The decisions made today on digital finance will significantly impact Africa's economic trajectory in the coming years.