By Francis Kobena Tandoh
First Deputy Governor of the Bank of Ghana (BoG), Dr. Zakari Mumuni, on Thursday urged African countries to commit themselves to accelerating the development of inclusive instant payment systems across the continent.
Speaking on the topic, “Inclusive Instant Payments as Economic Infrastructure,” at the 3i African Summit in the Ghanaian capital, Dr. Mumuni said Africa has achieved remarkable progress in expanding access to financial services, yet “the foundations of payment systems remain fragmented, costly, and insufficiently interconnected.”
He emphasized that until the essential infrastructure is created, a fully integrated digital economy will elude the continent, and urged concerted effort to address that.
“Technology is available, and the benefits are substantial. What is needed now is commitment and execution. Let us commit here at the 3i Africa Summit to accelerating the development of inclusive instant payment systems that support growth, deepen inclusion, and strengthen economic resilience across Africa,” said the First Deputy Governor.
Dr. Mumuni stressed that Inclusive Instant Payment Systems (IPS) provide a clear path forward, and if properly designed and implemented, they enable real-time, low-cost transactions across interoperable networks, linking financial institutions, fintech platforms, and end users into a cohesive ecosystem.
The first deputy governor made a case for the need to put in place an infrastructure that facilitates instant payment systems.
“Instant payments accelerate business cash cycles, strengthen liquidity management, and enhance productivity. They empower households—particularly underserved communities—with reliable and affordable financial services.
For governments, they improve revenue mobilization, transparency, and targeting of public interventions. For financial institutions, they unlock data that can drive innovation in credit, savings, and risk management,” he added.
He further emphasized that no instant payment system has fully achieved inclusivity at scale, saying building alone infrastructure is not enough, but stressed the need to ensure it works universally and equitably.
Africa’s digital future, according to him, must function seamlessly for all users, across all platforms, in real time. Enditem
Source: Ghana Eye Report
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