Dr Ernest Addison, Governor of the Bank of Ghana (BoG), emphasized the imperative of harmonized regulatory frameworks in fostering intra-African trade and financial sector inclusivity during his address at the Continental Mobile Interoperability Symposium in Accra.

Dr. Addison underscored the pivotal role of unified regulations across African nations to integrate financial services seamlessly, thereby enhancing trust and reliability in cross-border transactions. Despite significant advancements in FinTech and mobile money technologies, achieving interoperable systems necessitates consistent technical standards and robust infrastructure.

He stressed the necessity of solid public-private partnerships involving mobile network operators, financial institutions, FinTech companies, and regulators to tackle technical challenges and ensure regulatory compliance.

“In fostering a collaborative ecosystem, Africa can harness its FinTech advancements to unlock the full potential of interoperable mobile money systems, benefiting individuals and countries across the continent,” remarked Dr Addison.

He highlighted the transformative potential of governmental collaboration with financial institutions and technology firms to establish a resilient digital infrastructure that supports innovation while safeguarding financial stability.

Furthermore, Dr. Addison noted that these partnerships could facilitate the adoption of digital financial services among underserved populations and small businesses. For instance, by providing access to credit and enabling secure transactions, digital financial services can spur economic growth and reduce poverty, thereby contributing to the overall development of the continent.

“Effective policy coordination and governance are essential for smooth operation and compliance in a multi-country environment,” Dr. Addison added. He emphasized that strategies like customer education, to ensure users understand the system and its benefits, and inclusive access, to ensure all segments of the population can use the system, are crucial for the long-term reliability of cross-border payment interoperability.