Africa a global leader in mobile money services, says Governor Addison
Dr. Ernest Addison, Governor of the Bank of Ghana, speaking at the Africa Prosperity Dialogues 2024 on the theme: “Scaling Up Mobile Interoperability To Deepen Financial Inclusion and Intra-African Trade”, shed light on Sub-Saharan Africa’s pivotal role in global mobile money transfer services.
With mobile technology as the driving force, financial digitization has become a game changer, particularly through the widespread adoption of mobile money, reshaping financial management across the continent, especially among the unbanked.
Citing insights from the McKinsey & Co. Report, Dr. Addison highlighted Africa’s burgeoning e-payments industry, which generated approximately $24 billion in revenues in 2020.
Despite this, electronic transactions constitute only a fraction of the total, indicating substantial growth potential, particularly in fostering intra-African trade.
In response to the pressing need for enhanced payment infrastructure, initiatives like the Africa Continental Free Trade Area (AfCFTA) and the Pan-African Payment and Settlement System (PAPSS) have emerged.
These endeavors, spearheaded by institutions like Afreximbank, signify a concerted effort to streamline cross-border transactions and promote financial integration across the continent.
Dr. Addison’s call for increased mobile money interoperability resonates deeply within the context of Africa’s economic aspirations.
By harnessing the transformative power of mobile technology, Africa stands poised to unlock new opportunities for financial inclusion and trade expansion, thereby realizing the full potential of initiatives like the AfCFTA.
In the face of evolving economic landscapes, continuous dialogue and support for initiatives that enable financial inclusion and intra-African trade remain paramount.
Dr. Addison’s remarks underscore the urgency of embracing mobile money interoperability as a cornerstone of Africa’s journey towards prosperity and economic resilience.
