- Africa Must Connect Payment Systems to Unlock Single Digital Market — First Deputy Governor
Africa’s next frontier in financial technology will be determined not by new ideas alone, but by the ability of governments, central banks and regulators to connect existing systems, harmonise standards and execute reforms at scale, First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, has said.
Delivering the closing keynote on the opening day of the 3i Africa Summit 2026 at the Destiny Arena in Accra, Dr Mumuni said Africa’s digital financial future is already being shaped by choices now being made by policymakers, regulators, investors and innovators.
“The next frontier in Africa’s financial future is not ahead of us — it is being decided in this room now, by the choices we make,” he said.
Speaking on the theme “The Next Frontier Begins Here,” Dr Mumuni said the summit had moved the conversation from broad vision to practical clarity on what is required to build a digital financial system that is innovative, inclusive, secure and truly pan-African.
He said Africa already has proven models that can serve as the foundation for a stronger continental digital finance architecture.
“Across the continent, we have proven models — mobile money, instant payments, agent networks, and government-led digital transfers. The task before us is not invention, but scale,” he said.
According to him, the real challenge is to connect national systems, harmonise standards and enable the seamless movement of value across borders.
That message comes at a time when Africa’s fintech ecosystem is expanding rapidly, but remains constrained by fragmented payment rails, uneven regulatory frameworks, data gaps and limited cross-border interoperability.
Dr Mumuni identified fragmentation as the continent’s biggest constraint.
“Disconnected payment systems, uneven regulatory frameworks, and limited interoperability continue to hold us back,” he said. “Without deliberate coordination, these gaps will persist — and the promise of a single digital market will remain out of reach.”
His comments go to the heart of Africa’s digital integration challenge. While mobile money and instant payment systems have transformed domestic transactions in several markets, cross-border payments remain expensive, slow and often fragmented. Regulatory differences across countries continue to complicate fintech scaling, digital identity recognition, consumer protection and data governance.
For Dr Mumuni, markets alone will not deliver the transformation required.
He said governments, central banks and relevant regulatory authorities must take an active role in shaping both the architecture and the direction of the digital financial ecosystem.
“Markets alone will not deliver this transformation,” he said. “Governments, central banks and other relevant regulatory authorities must take an active role in shaping both the architecture and the direction of the ecosystem — ensuring that innovation advances stability, trust and inclusion.”
The First Deputy Governor said the path forward requires African countries to scale what works by committing to concrete timelines and cross-border partnerships that move beyond pilots into full implementation.
He also called for systems rather than silos, stressing the need to strengthen digital public infrastructure, invest in supervisory capacity and develop the talent required to sustain a continent-wide financial ecosystem.
The warning is significant for policymakers pushing digital integration under the African Continental Free Trade Area. A single digital market will require more than fintech innovation. It will need interoperable payment systems, trusted digital identity frameworks, harmonised regulatory standards, cybersecurity safeguards and cross-border consumer protection mechanisms.
Dr Mumuni said the success of the summit would not be measured by the quality of discussions, but by the actions taken after the event.
“The success of 3i Africa will not be measured by the quality of our discussions today, but by the actions we take tomorrow,” he said. “Do our collaborations endure? Do our reforms materialise? Do our institutions translate insight into execution?”
He also cautioned that the transition to a larger digital financial ecosystem will carry risks. These include cybersecurity vulnerabilities, data misuse, irresponsible lending and market concentration.
“At every step, we must ask a fundamental question: who benefits, and are we expanding inclusion in practice, not just in promise?” he said.
The caution reflects growing concerns that fintech growth, if poorly regulated, could deepen exclusion, expose consumers to predatory lending, increase fraud risks or allow dominant platforms to concentrate market power.
For central banks, the challenge is therefore to support innovation while preserving financial stability, protecting consumers and ensuring that digital finance remains inclusive.
Dr Mumuni said the next frontier must be treated as a commitment, not a concept. He urged participants to leave the summit with clarity and resolve to connect systems, align policies and execute deliberately at scale.
“The frontier begins here but its success depends on what we do next,” he said.
For Africa’s fintech ecosystem, the message was clear: the continent does not lack innovation. It lacks scale, coordination and execution. The next phase will depend on whether national successes can be transformed into a connected continental financial infrastructure capable of supporting trade, inclusion and long-term economic transformation.
