"AU Greenlights Mobile Money Interoperability Across Africa to Enhance Economic Unification"

" AU Greenlights Mobile Money Interoperability Across Africa to Enhance Economic Unification \r\n\r\nThe African Union has given its approval to President Nana Addo Dankwa Akufo-Addo's proposal for mobile money interoperability across Africa, marking a significant stride towards economic integration.\r\n\r\nIn an effort to streamline transactions and bolster economic cohesion, the proposal was ratified following President Akufo-Addo\u2019s presentation of two pivotal reports at the AU Mid-Year Coordination Meeting in Accra, Ghana.\r\n\r\nThe reports, titled \"Establishment of the African Union Financial Institutions (AUFIs)\" and \"Scaling up Interoperability for Economic Integration: Using Mobile Money to Buy and Sell Across Africa,\" received broad support from the Union.\r\n\r\nThe endorsement paves the way for the deployment of mobile money interoperability, a move expected to enhance the quality of life for Africans, promote economic unity, and boost intra-African trade.\r\n\r\nAfrica, which already accounts for over 70% of global mobile money transactions, stands to benefit immensely from this initiative.\r\n\r\nPresident Akufo-Addo underscored the critical importance of mobile money interoperability, highlighting its potential to empower Africans to use digital wallets for cross-border transactions, thereby creating economic opportunities and addressing youth unemployment.\r\n\r\nIn a call to action, the African Union urged member states, regional economic communities, and relevant stakeholders to commit to achieving mobile money interoperability by 2027.\r\n\r\nThis includes mandatory participation in the Pan-African Payment and Settlement System (PAPSS), enabling cross-border mobile money transactions, and establishing a unified regulatory framework for mobile money operations continent-wide.\r\n\r\nThe AU\u2019s approval brings the continent closer to its goal of a single, unified market, with anticipated benefits including enhanced economic integration, accelerated economic growth, and reduced transaction costs."

"AU Greenlights Mobile Money Interoperability Across Africa to Enhance Economic Unification"

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