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APD 2024: Africa must promote mobile money interoperability to deepen financial inclusion and intra-African trade, says BoG chief

Ernest Addison, Governor of the Bank of Ghana (BoG)

Ernest Addison, Governor of the Bank of Ghana (BoG)

The Governor of the Bank of Ghana (BoG), Ernest Addison, has said it is about time Africa considered promoting mobile money interoperability to realise its full benefits of deepening financial inclusion and intra-African trade.

He argued that interoperability will be critical to the success of the African Continental Free Trade Area (AfCFTA).

Speaking at the Africa Prosperity Dialogues (APD) at the Presidential Lodge in Peduase, in the Eastern Region, Dr Addison said that although initiatives such as PAPSS (the Pan-African Payment and Settlement System) are a step in the right direction, “The continent needs continuous deliberations such as this Dialogues series to ascertain the best ways of supporting such initiatives that enable financial inclusion and intra-African trade flows.”

Dr Addison said the advent of mobile money and mobile money interoperability has transformed access to financial services in Africa, with a huge leap in the continent’s financial inclusion index.

Mobile money interoperability has been a major policy priority for the Bank of Ghana, he stressed, adding that, “Over the years, the BoG has pursued various initiatives to make payment across platforms faster, cheaper, and more efficient.

“Our gh-link platform interconnects all the banks and financial institutions and enables accredited financial institutions to issue cards that are accepted nationwide across ATM and POS networks,” he explained.

The three-day Africa Prosperity Dialogues 2024 event ends tomorrow (Saturday 27 January). It has as its overarching focus the need to propose concrete measures that will lead to Africans achieving prosperity for the African continent.

The theme of the event is “Delivering Prosperity in Africa: Produce, Add Value and Trade”.

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