Dr. Zakari Mumuni (M) with some officials of BoG
First Deputy Governor of the Bank of Ghana (BoG), Dr. Zakari Mumuni, has called for urgent collaboration among regulators, financial institutions, and fintech companies to accelerate the development of inclusive instant payment systems across the continent.
Speaking at the 3i Africa Summit in Accra on the theme, “Inclusive Instant Payments as Economic Infrastructure,” Dr. Mumuni said Africa has made significant progress in expanding financial access through mobile money, agency banking, fintech innovation, and digital wallets. However, he cautioned that fragmented payment systems continue to limit economic integration.
“Africa stands at a decisive moment. We have achieved remarkable progress in expanding access to financial services, yet the foundations of our payment systems remain fragmented, costly, and insufficiently interconnected,” he said.
Dr. Mumuni stated that the continent cannot fully achieve its vision of an integrated digital economy unless payment systems become interoperable, affordable, and universally accessible.
He noted that although digital financial services have improved access, high transaction costs and limited interoperability, among other challenges, continue to hinder the seamless flow of value across systems, sectors, and borders.
The Deputy Governor explained that Inclusive Instant Payment Systems (IPS), when properly designed and implemented, could facilitate real-time transactions across networks linking financial institutions and fintech platforms, while providing users with a unified ecosystem.
According to him, such systems would go a long way in empowering underserved communities with reliable and affordable financial services, while also helping governments improve revenue mobilisation and transparency.
“The economic case is compelling. Instant payments accelerate business cash cycles, strengthen liquidity management, and enhance productivity,” he said.
“This underscores a central reality. Building infrastructure is not enough. We must ensure that it works universally and equitably,” he added.
Dr. Mumuni therefore called on participants at the summit to commit to accelerating the development of inclusive instant payment systems to support growth, deepen financial inclusion, and strengthen economic resilience across Africa.
“If instant payments are to underpin Africa’s digital future, they must function seamlessly for all users, across all platforms, in real time,” he stated.
“However, our ambition goes further. The objective is not simply to build systems, but to ensure that they are accessible, affordable, and trusted by every segment of society,” he added.
The three-day summit, organised by the Bank of Ghana and Ghana Interbank Payment and Settlement Systems, brought together central bank governors, regulators, heads of financial institutions from across the sub-region, and development partners to discuss the future of digital finance and payment systems in Africa.
The event, held from May 6 to May 8, 2026, was under the theme, “Next Frontier: Shaping Africa’s Integrated FinTech Future.”
By Ebenezer K. Amponsah