The Bank of Ghana is pushing for better cross-border instant payment systems. This is to help Africa's economies connect digitally. First Deputy Governor Dr. Zakari Mumuni stated this at the 3i Africa Summit 2026. He said Africa's payment systems are too broken apart. This fragmentation stops the continent's digital goals from being met.
Mobile money and fintech have helped many people get financial services. However, payments do not move easily between countries. This limits economic chances for businesses and people. Dr. Mumuni warned that Africa's digital economy cannot be fully realized without fixing this. Instant payments can lower costs for everyone. They can also speed up how businesses get paid. This helps more people get access to financial tools.
Governments can also see benefits. They can have more open ways to handle public money. They can also collect taxes better. Dr. Mumuni noted a challenge. No African instant payment system is fully inclusive yet. This is a big problem that leaders must solve quickly. He called for strong teamwork from all players. Regulators, payment companies, banks, and fintech firms must work together. They need to build systems that work smoothly together. These systems should remove difficulties and reach more people.
Dr. Mumuni also called for new rules. These include consistent ways to know who customers are (eKYC). They also need similar rules for licenses. More cooperation between African nations is needed. This will help build interoperable, cross-border payment systems. Ghana has made progress. It has several instant payment platforms. Interoperability has also improved. But, Dr. Mumuni stressed accessibility and affordability. Trust must also be central to new payment systems. The path is clear and the technology exists. The benefits are large. What is now needed is dedication and action.