In a significant move towards economic integration, the African Union (AU) has adopted President Nana Addo Dankwa Akufo-Addo’s proposal for mobile money interoperability across Africa. This initiative aims to enable seamless transactions and economic integration across the continent.
At the AU Mid-Year Coordination Meeting in Accra, Ghana, President Akufo-Addo presented two reports: “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 endorsed by the AU, paving the way for the implementation of mobile money interoperability across Africa.
The adoption of this initiative is expected to boost intra-African trade, promote economic integration, and enhance the livelihoods of Africans. With over 70% of global mobile money transactions occurring in Africa, this move has the potential to unlock tremendous economic opportunities for the continent.
President Akufo-Addo emphasized the importance of mobile money interoperability, stating that it will 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.
The AU has called upon 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.
