A cross section of participants at the event
Stakeholders and experts have called on African governments to create an enabling environment that would help countries achieve more inclusive digital payment systems.
This was contained in the highlights of the State of Inclusive Instant Payment Systems in Africa (SIIPS) 2024 report launched in Accra.
The report mentioned the lack of phone ownership and internet access as barriers to habitual usage of digital payments.
It also revealed that banks were the most prominent direct participants in inclusive payments system to date.
The report further stated that all countries with inclusive payments systems in Africa have adopted some approach to regulating fintechs in their jurisdictions based on specific activities those fintechs engage in.
The report also showed the progress made towards increasing digital payment transaction access and usage through Instant Payment Systems (IPS).
The event organised by AfricaNenda in collaboration with Ghana Interbank Payment and settlement Systems (GhIPSS) also brought together experts from the Fintech, banking industry and representatives of regulatory bodies across the continent.
Among some of the topics discussed include ‘most effective strategies and collaborative efforts that can be implemented to enhance the efficiency, affordability and accessibility of intra Africa cross border payments.
Chief Executive of AfricaNenda, Dr. Robert Ochola, said infrastructure, were some of the things needed to empower people financially in order to uplift them from poverty.
He said about 45% of adults on the African continent continue to remain financially disabled with over 400 million Africans lacking access to the financial tools that are required to enable them to save, manage their finances and deal with resilience against life’s uncertainties.
According to him, digital payment systems are therefore not only needed to be made accessible to women, low-income individuals and to rural communities alone but also ensure that the systems are affordable, reliable, and achieve greater availability.
Deputy Chief Executive of AfricaNenda Foundation, Sabine Mensah, said data available indicates there has been a downward trend in the use of digital payment with the introduction of taxation.
She, therefore, noted that for countries to achieve a more inclusive digital payment for all citizens, policy makers and regulators should create an enabling environment, motivate people to use the digital payment systems in order not to prevent them from reverting to using cash.
Head of Fintech and innovation at Bank of Ghana (BOG) Kwame Oppong, said the report represent another significant milestone in quest to understand the instant payment landscape across the continent.
Mr. Oppong further mentioned that inclusiveness and payment systems are at their core a powerful equaliser, that are critical to enable social infrastructure to connects people, bridge distances as well as offer opportunities that empower communities and individuals and businesses.
By Ebenezer K. Amponsah