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The First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, has called for urgent action to build inclusive and interoperable instant payment systems across Africa, describing them as essential infrastructure for the continent’s digital economy.
Speaking at the 3i Africa Summit 2026 in Accra, Dr. Mumuni said Africa has made significant progress in expanding financial access through mobile money, fintech innovation, agency banking, and digital wallets, but warned that fragmentation continues to limit the full benefits of digital finance.
“Inclusive instant payments are not optional, they are essential infrastructure,” he stated.
According to him, high transaction costs, siloed platforms, and weak interoperability continue to undermine efficient financial transactions across systems, sectors, and borders.
He explained that properly designed Inclusive Instant Payment Systems (IPS) can enable real-time, low-cost transactions across interoperable networks, connecting banks, fintechs, businesses, and consumers into a single ecosystem.
“Access without seamless usability has limits,” he noted.
Dr. Mumuni said the economic benefits of instant payment systems extend beyond convenience, arguing that they can improve liquidity management for businesses, strengthen government revenue mobilisation, and expand access to affordable financial services for underserved communities.
“For financial institutions, instant payments unlock data that can drive innovation in credit, savings, and risk management,” he added.
Despite progress, he observed that no instant payment system on the continent has yet achieved full inclusivity at scale.
“This underscores a central reality — building infrastructure is not enough; we must ensure that it works universally and equitably,” he stressed.
The Deputy Governor called for stronger collaboration among regulators, payment operators, financial institutions, and fintech firms to eliminate friction and improve interoperability across African markets.
He further advocated reforms to harmonise electronic Know-Your-Customer (eKYC) frameworks, align licensing regimes, and deepen cross-border cooperation among regulators.
“In Ghana, we have deployed multiple instant payment platforms and continue to strengthen inter-scheme interoperability, but our ambition goes beyond building systems. We want systems that are accessible, affordable, and trusted by every segment of society,” he said.
In a separate closing keynote address at the summit, Dr. Mumuni described fragmentation as one of the biggest obstacles to Africa’s financial integration.
“Disconnected payment systems, uneven regulatory frameworks, and limited interoperability continue to hold us back,” he stated.
He urged African governments and regulators to move beyond pilot initiatives and focus on scaling proven systems through concrete timelines and cross-border partnerships.
“The next frontier is not a concept. It is a commitment,” he said.
Dr. Mumuni also cautioned stakeholders to remain alert to emerging risks such as cybersecurity threats, data misuse, irresponsible lending, and market concentration as digital finance expands across the continent.
“The success of this summit will not be measured by the quality of discussions today, but by the actions we take tomorrow,” he concluded.
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