The First Deputy Governor of the Bank of Ghana (BoG), Zakari Mumuni, has called on African countries to accelerate the development of inclusive Instant Payment Systems (IPSs) to drive growth, deepen financial inclusion, and strengthen economic resilience across the continent.
He said although financial and regulatory institutions across Africa had developed instant payment systems, many of them remained non-inclusive, limiting access for large sections of the population.
According to him, the situation requires reforms aimed at streamlining and harmonising Electronic Know Your Customer (eKYC) frameworks to reduce onboarding barriers within the financial technology space.
Dr Mumuni made the call while delivering the keynote address at the 3i Africa Summit in Accra on Wednesday under the theme: ‘The Next Frontier: Shaping Africa’s Integrated Fintech Future.’
The three-day event brought together key stakeholders in the financial sector, including financial institutions, fintech operators, and regulators, to discuss strategies for promoting inclusivity in the fintech ecosystem.
“Africa has achieved remarkable progress in expanding access to financial services, yet the foundations of our payment systems remain fragmented, costly, and insufficiently interconnected. Until we resolve this, the promise of a fully integrated digital economy will remain unrealised,” Dr Mumuni said.
He explained that effective implementation of IPSs would enable real-time, low-cost transactions across interoperable networks while linking financial institutions, fintech platforms, and end users into a cohesive ecosystem.
Dr Mumuni stressed the need for Africa to ensure that IPSs operate universally and equitably, noting that no instant payment system had yet achieved inclusivity at scale.
He added that Ghana had made significant progress in deploying multiple instant payment platforms, while efforts were ongoing to strengthen inter-scheme interoperability.
“However, our ambition goes further. The objective is not simply to build systems but to ensure that they are accessible, affordable, and trusted by every segment of society,” he said.
He urged stakeholders across the continent to collaborate in building integrated and inclusive payment infrastructure.
“Let us move beyond fragmentation to full interoperability, create systems that are inclusive by design and efficient by default, and work together across institutions and borders to deliver the integrated payment infrastructure that our economies require,” Dr Mumuni added.
BY BENJAMIN ARCTON-TETTEY
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