The issue of ensuring Mobile Money interoperability of cross-border payment systems has been identified as one major challenge facing African countries.
According to the Governor of the Bank of Ghana, Dr. Ernest Addison most domestic systems are interoperable as there are linkages between mobile networks and banks.
Dr. Addison speaking at the African Prosperity Network’s upscaling of interoperability in cross-border trade, called for advanced tools to enhance cross-border interoperability payment systems.
“We are living in a time where most Africans’ first interaction with the financial sector may be through their smartphone, they are also living in a time, where Africa’s cross-border payments are costly. Where sending a hundred dollars could end up paying 40 dollars received in some of the most expensive corridors,”
You will agree that these two scenarios present an optimal opportunity for scaling up cross-border transactions on the continent. The goodness however is that our financial future is filled with possibility and at the forefront of these advancements lies, the interoperability of our payment systems,” Dr. Addison said.
Today, you can have interoperability among mobile money bank accounts, and the E-wich card, which is the level of advancement that we have done in terms of domestic payments. The challenge now lies in advancing this at the level of cross-border payment,” He added.
Minister of Communications and Digitalisation, Ursula Owusu Ekuful said Ghana is harnessing Digitalisation to ensure modern infrastructure and access to digital services to promote inclusive growth.
