The Bank of Ghana has issued a forceful call for stronger cross-border interoperability and inclusive instant payment systems, warning that Africa’s fragmented payment ecosystem remains the single greatest obstacle to realizing the continent’s digital economic ambitions. Speaking at the 3i Africa Summit 2026, First Deputy Governor Dr. Zakari Mumuni argued that despite years of mobile money expansion, fintech innovation, and agency banking growth, the absence of seamless interoperability continues to limit economic participation across borders. “Until we resolve this, the promise of a fully integrated digital economy will remain unrealized,” he told an audience of regulators, central bankers, fintech executives, and financial institution leaders. Dr. Mumuni stressed that instant payment systems—already deployed in various forms across several African countries—can transform economies by reducing transaction costs, accelerating business cash cycles, and improving financial access for underserved populations. However, he conceded that no African instant payment system has yet achieved full inclusivity at scale, describing this as a major challenge policymakers must address urgently. For Ghana, which has made significant strides with its own instant payment infrastructure, the call positions Accra as a potential leader in continental efforts to harmonize digital payments. But leadership requires more than rhetoric; it demands coordinated execution across regulators, payment system operators, financial institutions, and fintechs—a coordination that has historically proven elusive.
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Key Developments: The Fragmentation Diagnosis and the Interoperability Prescription
Dr. Mumuni’s address diagnosed a familiar problem with unusual clarity. Africa’s payment ecosystem, he argued, has grown organically but chaotically. Mobile money systems (M-Pesa in East Africa, MTN MoMo and Telecel Cash in West Africa) operate on proprietary platforms that do not always speak to one another. Instant payment systems—Nigeria’s NIBSS Instant Payment (NIP), Ghana’s GhIPPS Instant Pay (GIP), South Africa’s Rapid Payment Program (RPP), Kenya’s PesaLink—have emerged at the national level but lack cross-border connectivity. Even within countries, interoperability between mobile money wallets and bank accounts, though improved, remains incomplete.
The result is a continent where sending money from Accra to Lagos can take days, cost several percent in fees, and require multiple intermediaries—while sending money from Accra to London can be completed in seconds through fintechs like Grey or Lemfi. As Dr. Mumuni noted, this is an absurd inversion: intra-African payments should be faster and cheaper than extra-continental ones, given geographic proximity and shared regulatory spaces like the African Continental Free Trade Area (AfCFTA).
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The prescription is interoperability: systems that allow a customer of one payment service provider to send funds to a customer of another provider, across borders, instantly, at low cost, with minimal friction. This requires technical standards (common APIs, message formats), legal frameworks (data protection, consumer recourse), and commercial agreements (settlement, fees, dispute resolution). No single country can achieve this alone; it requires coordinated execution across the ecosystem.
Dr. Mumuni identified three specific reform areas. First, harmonized electronic Know-Your-Customer (eKYC) frameworks, so that a customer verified in Ghana can open an account or access payment services in Nigeria, Kenya, or Senegal without repeating the entire verification process. Second, aligned licensing regimes, so that fintechs licensed in one jurisdiction are not required to obtain separate licenses in every country where they wish to operate—a costly and time-consuming barrier. Third, deeper cooperation among African countries, including potentially a continental payment council or secretariat to oversee interoperability standards.
The timing is significant. The AfCFTA, which came into effect in 2021, has made progress on tariff reduction and rules of origin but has lagged on services, investment, and digital trade. Payment interoperability is a foundational layer for digital trade: if a small business in Ghana cannot easily receive payment from a customer in Côte d’Ivoire, cross-border e-commerce remains stunted. The BoG’s push aligns with the AfCFTA’s Digital Trade Protocol, currently under negotiation, which includes provisions on electronic payments and data flows.
The 3i Africa Summit—focused on innovation, investment, and integration—provided an apt platform for the call. The summit brings together regulators, central banks, fintechs, and financial institutions, precisely the stakeholder set required for coordination. Previous summits have generated declarations but limited action; Dr. Mumuni’s tone suggested that Ghana, at least, is ready to move from discussion to implementation.
Analysis & Implications: Why Instant Payments Matter and Why Scale Remains Elusive
Instant payment systems are not new. They exist in over 50 countries globally, including Brazil’s Pix (launched 2020, now with over 150 million users), India’s Unified Payments Interface (UPI, over 10 billion monthly transactions), and Thailand’s PromptPay. These systems have demonstrably reduced transaction costs, increased financial inclusion, and accelerated economic activity. Brazil’s Pix, for example, reduced the cost of small-value payments by 80% and brought over 30 million Brazilians into the formal financial system.
Africa has comparable examples at the national level. Kenya’s PesaLink, operated by the Kenya Bankers Association, processes instant person-to-person and business payments across participating banks. Ghana’s GhIPPS Instant Pay (GIP) allows real-time transfers between accounts at different banks. But no African system has achieved the scale of Pix or UPI, and no system offers seamless cross-border instant payments.
The reasons are structural. First, currency fragmentation: payments across borders require foreign exchange conversion, which introduces complexity, cost, and settlement risk. Instant payment systems presuppose settlement in a common currency or real-time forex conversion with guaranteed rates. Second, regulatory divergence: anti-money laundering rules, data protection standards, and consumer protection frameworks differ widely across African countries. A payment that is legal in Ghana might violate Nigerian regulations. Third, infrastructure gaps: real-time gross settlement systems (RTGS)—the back-end infrastructure for high-value payments—exist in most African countries but are not integrated continentally. Instant payment systems require robust RTGS connectivity.
Dr. Mumuni’s emphasis on “inclusive” instant payment systems is equally important. Many existing systems exclude smaller banks, non-bank fintechs, or mobile money operators, limiting reach. An inclusive system would allow any licensed financial service provider—bank, mobile money operator, fintech, microfinance institution—to participate on equal terms. This requires non-discriminatory access, transparent pricing, and common technical standards.
The benefits of achieving inclusive cross-border instant payments are substantial. For businesses, faster settlement reduces working capital requirements and enables new business models (e.g., just-in-time cross-border supply chains). For individuals, lower remittance costs increase disposable income; the World Bank estimates that reducing remittance fees from the current African average of 8% to 3% would save households $1.5 billion annually. For governments, improved transparency reduces tax evasion and illicit financial flows.
Yet the challenges are equally substantial. Incumbent payment system operators—often banks or central bank-owned entities—may resist opening their systems to non-bank competitors. Mobile money operators—particularly dominant players like MTN MoMo and M-Pesa—may resist interoperability if it reduces their market power or revenue from closed-loop transactions. And central banks may resist ceding control over cross-border payment oversight to a continental body.
Dr. Mumuni’s call for “coordinated execution across the ecosystem” is a recognition that no single actor can solve this alone. Central banks must provide regulatory clarity and infrastructure. Payment system operators must open their APIs and agree on common standards. Fintechs must develop applications that leverage interoperability. And commercial banks must see interoperability as an opportunity, not a threat.
What This Means for Ghana: Leadership, Learning, and Leverage
Ghana has positioned itself as a laboratory for digital payment innovation. The Bank of Ghana has been proactive: it launched GhIPPS Instant Pay (GIP) in 2019, introduced mobile money interoperability between MTN, Vodafone (now Telecel), and AirtelTigo, and established a universal QR code standard. The central bank also issued some of Africa’s first regulatory sandbox guidelines for fintechs and has piloted a central bank digital currency (e-Cedi). Dr. Mumuni’s summit address builds on this record, positioning Ghana as an advocate for continental interoperability.
For Ghanaian businesses, cross-border interoperability would be transformative. A manufacturer in Tema exporting to Abidjan could receive instant payment confirmation before releasing goods, reducing counterparty risk. An e-commerce merchant selling to customers in Lagos could offer instant payment at checkout without integrating multiple payment gateways. A cocoa buyer paying farmers could disburse funds across borders instantly if a farmer holds an account in a neighboring country.
For Ghanaian fintechs, interoperability opens new markets. A fintech licensed in Ghana with a harmonized eKYC framework could onboard customers in Nigeria, Kenya, or Senegal without establishing local subsidiaries—dramatically reducing expansion costs. The current reality—separate licensing, separate compliance, separate integration—favors incumbents with deep pockets. Interoperability would level the playing field.
The Accra Street Journal has learned that the Bank of Ghana is actively working with the Central Bank of Nigeria (CBN) and BCEAO (the West African central bank) on a pilot cross-border instant payment corridor. The pilot would connect GhIPPS in Ghana, NIP in Nigeria, and GIM-UEMOA in the francophone West African region, allowing real-time transfers between participating banks and fintechs. A successful pilot could expand to other corridors (East Africa, Southern Africa) under the auspices of the African Economic Research Consortium or the African Development Bank.
However, Ghana cannot lead alone. The success of interoperability depends on the willingness of other countries to harmonize frameworks. Nigeria, with its massive market and dominant position, is essential. So is Kenya, with its advanced mobile money ecosystem. So is South Africa, with its sophisticated banking infrastructure. Ghana’s role is to demonstrate what is possible and to advocate for a continental approach—not to impose a Ghanaian solution on others.
Dr. Mumuni’s emphasis on “accessibility, affordability and trust” as central pillars is instructive. Interoperability that is technically functional but expensive or complex will not achieve scale. The goal is not just to connect systems but to make them usable for the market woman sending money to a supplier, the migrant worker remitting to family, the small business paying for imported inputs. Trust—security, dispute resolution, data protection—is the foundation. Without it, no system will be adopted.
Wider Context: Global Interoperability Lessons and Africa’s Path
The global experience offers both inspiration and caution. India’s UPI, launched in 2016, is the gold standard: interoperable across banks and payment apps, free for consumers, and supporting over 10 billion monthly transactions. UPI succeeded because of a clear regulatory mandate (the National Payments Corporation of India, a not-for-profit entity owned by banks), aggressive adoption incentives, and a large, diverse market.
Brazil’s Pix, launched in 2020, succeeded through bold central bank action. The Central Bank of Brazil mandated that all banks and payment institutions offer Pix, set a maximum transaction fee (much lower than cards), and required QR code standardization. Pix now accounts for over 60% of all electronic payments in Brazil.
Africa’s path will be messier. Unlike India (single currency, single language of business, strong federal government) or Brazil (single currency, strong central authority), Africa has multiple currencies, languages, legal systems, and political regimes. A “UPI for Africa” would require either a common currency (unlikely) or real-time foreign exchange integration (technically complex but possible). It would require political agreement on data flows, a contentious issue as Ghana’s recent rejection of the US health data deal demonstrates.
The Pan-African Payment and Settlement System (PAPSS), launched by Afreximbank in 2022, is a step in the right direction. PAPSS allows cross-border payments in local currencies, bypassing correspondent banking. However, PAPSS is not instant; settlement takes one to two days. It also requires participating banks to hold local currency balances, limiting liquidity for smaller banks. PAPSS has grown—it now covers 12 African countries—but it has not achieved the scale or speed of national instant payment systems.
Another model is the West African Economic and Monetary Union (UEMOA), which shares a common currency (the CFA franc) and central bank (BCEAO). UEMOA has instant payment interoperability within the zone through GIM-UEMOA. However, extending that model to non-CFA countries (Nigeria, Ghana, English-speaking West Africa) requires crossing the currency divide.
The technology for interoperability—application programming interfaces (APIs), ISO 20022 messaging standards, cloud-based switching hubs—is mature. The missing ingredients are political will, regulatory alignment, and commercial incentives. Dr. Mumuni’s call is a push on the political and regulatory dimensions; the commercial dimension must follow.
Outlook / What Happens Next
The Bank of Ghana’s advocacy will likely lead to two immediate outcomes. First, a working group under the Alliance for Financial Inclusion (AFI) or the African Financial Inclusion Forum will be convened to develop a framework for harmonized eKYC and licensing. Ghana, Kenya, Nigeria, Rwanda, and South Africa are likely members. A draft framework could emerge by Q4 2026.
Second, the Ghana-Nigeria-BCEAO pilot corridor will advance. Technical negotiations are ongoing; a memorandum of understanding could be signed by July 2026, with a live pilot by Q1 2027. The pilot will likely start with bank-to-bank payments (most straightforward) before expanding to include mobile money operators and fintechs.
For Ghanaian businesses, the message is to prepare. Invest in systems that can send and receive instant cross-border payments when the infrastructure becomes available. Engage with your bank and fintech providers on interoperability readiness. And pay attention to the Bank of Ghana’s regulatory updates—the central bank will issue guidance on participation.
For policymakers, the challenge is to maintain momentum. Interoperability initiatives are prone to delays, interest group opposition, and technical setbacks. Dr. Mumuni’s call for “commitment and execution” is a recognition that Africa has had enough summits and declarations; it needs delivery.
The prize is substantial. The World Bank estimates that reducing intra-African payment costs from the current average of 5% to 2% would boost intra-African trade by $25 billion annually. For Ghana, with its trade corridors to Nigeria, Côte d’Ivoire, Burkina Faso, and Togo, the benefits would be concentrated and significant.
As Dr. Mumuni concluded, “The path is clear, the technology is available, and the benefits are substantial. What is needed now is commitment and execution.” The Bank of Ghana has shown commitment. The rest of Africa’s financial ecosystem must now answer the call.
Source: Accra Street JournalÂ
Last Updated on May 8, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
