goldcoastnewsline@gmail.com
Heads of state and governments of the African Union (AU) have adopted a proposal by President Nana Addo Dankwa Akufo-Addo for mobile money interoperability to implemented across the African continent
The initiative is an outcome of the Africa Prosperity Dialogues (APD 2024) and the follow-up Mobile Money interoperability Symposium held in Ghana. Essentially, a continent-wide mobile money interoperability platform would allow seamless financial transactions, payment of goods and services as well as economic integration across the continent.
They gave the endorsement when President Akufo-Addo presented two proposals at the AU Mid-Year Coordination Meeting held in Accra.
The AU expects member states, regional economic communities and relevant stakeholders to commit to achieving mobile money interoperability by 2027.
This includes bringing all member states on board the Pan-African Payment and Settlement System (PAPSS), allowing cross-border mobile money interoperability, and developing a continental regulatory framework for mobile money operations.
The adoption of mobile money interoperability is a significant step towards achieving the African Union’s goal of creating a single, unified market for Africa. It is expected to promote economic growth, reduce transaction costs, and enhance the overall economic integration of the continent.
The presentations were: “Establishment of the African Union Financial Institutions (AUFIs)” and “Scaling up Interoperability for Economic Integration: Using Mobile Money to Buy and Sell Across Africa.”
The reports were unanimously endorsed by the AU heads of state, paving the way for immediate steps to be taken towards the implementation of mobile money interoperability across the African continent.
“Our continent is home to a vibrant market of nearly 1.4 billion people, with majority being the youth; what they call Generation Z, with the Alpha Generation in tow,” he said.
He stressed that it was collective interest as “today’s leaders offer the youth of our continent the freedom to express their creativity economically and without border constraints and earn from their enterprise”.
President Akufo-Addo urged the leaders to give the youth of Africa the freedom to lead in “creating the Africa we want, the Africa we desire, and the Africa they deserve”.
“Let us leave Accra knowing we have committed our union, our Regional Communities and our Member States to allowing our people the opportunity to buy and sell anywhere in Africa, using just their hand-held mobile device. Let us leave this room committing all our relevant institutions to fast-tracking the process.
“By championing interoperability, we are taking a decisive step towards realising the Africa that our freedom fighters dreamed of, which today is in our hands to bring about—a prosperous, integrated and globally competitive continent,” he indicated.
President Akufo-Addo also emphasised the importance of mobile money interoperability. He said it would enable Africans to use their mobile money wallets to buy and sell across member states, creating business opportunities and helping to tackle unemployment among the youth.
