Building a Connected Payments Ecosystem for every African
Africa's digital financial future will be defined by how easily money moves across borders, not just for governments and large corporations, but for everyday people, traders and small businesses that power the continent's economy. This was the central message from Ghana Interbank Payment and Settlement Systems (GhIPSS) at the Digital Pay Expo in Lagos, Nigeria.
Speaking during the panel discussion themed, “The Next Billion – Scaling Fintech Across Africa,” GhIPSS Chief Technology and Information Officer, Emmanuel Kwabena Owusu, joined Victor Daniyan, Founder of Nearpays, Nigeria; John Nwachukwu, Chief Executive Officer of Zoracom, Nigeria; and Neetu Wadia, Senior Vice President and Global Head of Alliances & Partnerships at SBS, France, to explore how collaboration can accelerate financial inclusion and unlock Africa's digital economy.
Addressing policymakers, regulators, banks and fintech leaders, Mr. Owusu noted that while Africa has made significant progress in building robust domestic payment infrastructure, the continent's next phase of growth will depend on how effectively national payment systems are connected across borders, particularly under the African Continental Free Trade Area (AfCFTA).
According to him, the true value of digital payments will only be realized when cross-border transactions become as simple, fast and affordable as local transfers.
“The technology already exists. What Africa needs now is stronger collaboration between infrastructure providers, regulators and financial institutions to remove barriers to trade and financial inclusion.
Drawing on Ghana's experience, he highlighted how GhIPSS has transformed the country's payments landscape through interoperable platforms that connect banks, mobile money operators and payment service providers on a single national switch. This shared infrastructure has enabled faster payments, expanded financial inclusion and reduced fragmentation across the financial ecosystem.
Building on this success, GhIPSS is advocating deeper interconnection among Africa's national payment systems to support seamless cross-border trade and payments under AfCFTA, creating greater opportunities for businesses, consumers and economies across the continent.
The panel concluded that Africa's digital payments future will depend on stronger collaboration across the financial ecosystem. Panelists recommended deeper partnerships among payment infrastructure providers, regulators, financial institutions and fintechs to drive interoperability, harmonize standards and strengthen trust.
As digital payments continue to expand across Africa, GhIPSS believes the priority must be ensuring that innovation translates into tangible benefits for the people who need it most entrepreneurs reaching new markets, traders moving goods across borders, families sending money to loved ones and small businesses growing beyond national boundaries.
The organisation reaffirmed its commitment to working with partners across Africa to build secure, resilient and interoperable payment infrastructure that reduces barriers to trade, lowers transaction costs and drives inclusive economic growth.
