The First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, has called for urgent action to make fast and inclusive instant payment systems as core economic infrastructure to unlock Africa’s digital transformation.
Delivering a keynote address at the 3i Africa Summit 2026 in Accra, Dr. Mumuni said while Africa has made significant strides in expanding financial access, structural weaknesses in payment systems continue to constrain growth.
“Africa stands at a decisive moment… the foundations of our payment systems remain fragmented, costly, and insufficiently interconnected,” he said. “Inclusive instant payments are therefore not optional, they are essential infrastructure.”
Dr. Mumuni noted that over the past two decades, mobile money, fintech innovation, and agency banking have expanded access to financial services across the continent. However, he cautioned that access alone is no longer sufficient.
“Access without seamless usability has limits,” he said, pointing to persistent challenges including high transaction costs, siloed platforms, and limited interoperability.
These inefficiencies, he explained, continue to restrict the seamless flow of value across systems, sectors, and borders, ultimately limiting the full potential of Africa’s digital economy.
According to the Deputy Governor, Inclusive Instant Payment Systems (IPS) provide a pathway to address these constraints by enabling real-time, low-cost transactions across interoperable networks.
“Properly designed, they convert fragmented access into meaningful economic participation,” he stated.
He outlined the broader economic impact of such systems, noting that instant payments can accelerate business cash cycles, improve liquidity management, and boost productivity. They also enhance financial inclusion by providing underserved populations with reliable and affordable financial services.
For governments, IPS can strengthen revenue mobilisation and improve transparency, while financial institutions stand to benefit from richer data that can drive innovation in credit, savings, and risk management.
Despite progress, Dr. Mumuni acknowledged that no instant payment system across Africa has yet achieved full inclusivity at scale.
“This underscores a central reality: building infrastructure is not enough, we must ensure that it works universally and equitably,” he said.
He stressed that while central banks have laid strong regulatory foundations, achieving interoperability and scale will require coordinated action across the financial ecosystem.
“Regulation alone cannot deliver integration,” he noted, calling for deeper collaboration among regulators, payment system operators, financial institutions, and fintech firms.
Dr. Mumuni outlined key reforms needed to accelerate progress, including: harmonising eKYC frameworks to reduce onboarding barriers, alligning licensing regimes to support innovation while maintaining stability and strengthening cross-border cooperation to enable interoperable payment systems
These measures, he said, are critical to eliminating friction and expanding access across jurisdictions.
