Ghana pushes for instant payment systems across Africa

Ghana has called for accelerated deployment of instant payment platforms and stronger interoperability across Africa to make digital payments accessible, affordable and trusted.

The Bank of Ghana said fragmented payment systems continued to constrain the development of a fully integrated continental digital economy.

Dr Zakari Mumuni, First Deputy Governor of the Bank of Ghana (BoG), made the call in a keynote address on inclusive instant payments as economic infrastructure at the 3i Africa Summit in Accra.

He said Africa's progress in instant payment systems remained uneven, with none yet achieving inclusivity at scale, noting that fragmentation limited efficiency and constrained the ability of households, businesses and governments to fully benefit from digital finance.

“Until we resolve this, the promise of a fully integrated digital economy will remain unrealised. Inclusive instant payments are therefore not optional – they are essential infrastructure,” he said.

Dr Mumuni stressed that infrastructure development alone was insufficient, and called for coordinated execution among regulators, payment system operators, financial institutions, and fintech companies to reduce friction and expand access.

He said interoperability remained central to Ghana's strategy, with reforms aimed at supporting both domestic efficiency and regional integration through a unified system for real-time, low-cost transactions.

Dr Mumuni cited electronic Know Your Customer (eKYC) frameworks, reduced onboarding barriers and harmonised licensing regimes as key reforms being implemented to support payment system integration while maintaining financial stability.

He said Ghana was collaborating with regional partners to harmonise standards and link payment systems across jurisdictions.

“a payment system that excludes cannot serve as economic infrastructure.

“If instant payments are to underpin Africa's digital future, they must function seamlessly for all users, across all platforms, in real time,” he said, adding that interoperable systems would significantly benefit the continent.

Dr Mumuni said interoperability would help attract investment, deepen financial inclusion and strengthen resilience against economic shocks, urging African countries to act with urgency and purpose.

He said the technological foundations already existed across the continent, and the potential gains were substantial.

“What is needed now is commitment and execution.

“Let us move beyond fragmentation to full interoperability. Let us create systems that are inclusive by design and efficient by default. And let us work together – across institutions and across borders – to deliver the integrated payment infrastructure that our economies require,” he said.

Industry stakeholders and development partners at the summit welcomed the call for continent-wide interoperability and expressed support for closer collaboration with regulators to advance instant payment systems across Africa.

GNA