The Chief Executive Officer of the Ghana Chamber of Telecommunications, Dr. Ing. Kenneth Ashigbey, has voiced his concerns regarding the current challenges in financial transactions across the African continent. Addressing a press briefing ahead of the Interoperability Conference Symposium set to take place in Accra, Dr. Ashigbey emphasized the importance of integrating financial systems, with mobile money serving as a foundational platform.
Dr. Ashigbey highlighted that the integration of mobile money could significantly mitigate financial transaction challenges, fostering business growth and expanding financial inclusion across the continent. He pointed out that mobile interoperability, if properly implemented, could play a pivotal role in achieving these goals.
“If you go back and look at the FedEx Report, what Mobile Money has done for financial inclusion, the traditional banks will still not be able to do it if you left them because the way we are formatted as a continent is completely different.”
“When Mobile Money came in, it did not ask us to change the way we lived but it allowed us to live the way we lived, do businesses the way we have done, and still be able to become included.”
Dr. Ing. Kenneth Ashigbey, CEO of Ghana Chamber of Telecommunications
Dr. Ashigbey further elaborated on the notion of informality, asserting that the term does not accurately reflect the business operations of SMEs in Africa.
Drawing parallels with India, Dr. Ashigbey illustrated how leveraging a critical mass can drive development. He stressed that for the African Continental Free Trade Area (AfCFTA) to succeed, payment systems must be integrated across African nations.
“India has shown the way that you can use this critical mass to develop, and the time has come for us to be able to do that,” Dr. Ashigbey remarked.
The upcoming Interoperability Conference Symposium in Accra aims to bring together key stakeholders from across the continent to discuss and strategize on achieving seamless financial transactions through integrated systems. The conference is expected to focus on leveraging technology and resources to build a unified financial infrastructure that supports the diverse economic activities of African nations.
Calls for Political and Industry Support
Echoing Dr. Ashigbey’s sentiments, Gabby Asare Otchere-Darko, chairman of the Africa Prosperity Network, also called for robust support from political and industry leaders to enhance intra-African trade through financial system integration.
“We are told that the technology is there. We are told that the resources are there, but it needs political will, it needs the buy-in of the central banks, it needs the buy-in of the regulators, and more importantly, the buy-in of the leadership of the continent leadership and the region’s leadership in the various countries.”
“We believe that if we can get interoperability working, particularly in the areas where tens and millions of medium, small, and microscale enterprises on the continent operate, it will make meaningful, the whole idea of intra-African trade.”
Gabby Asare Otchere-Darko, Chairman of the Africa Prosperity Network
Mobile money has been a transformative force in Africa, enabling millions who were previously unbanked to participate in the financial system. Its success in various African countries has demonstrated that it can serve as a crucial tool for enhancing financial inclusion and economic development.
Despite its potential, the path to full financial integration is fraught with challenges. These include regulatory hurdles, varying levels of technological adoption, and the need for political consensus. The symposium will address these issues, aiming to create a roadmap for overcoming obstacles and achieving financial interoperability.
Dr. Ing. Kenneth Ashigbey’s advocacy for integrated financial systems underscores a critical need for collaboration among African nations. By leveraging mobile money as a foundational platform, the continent can overcome transaction challenges, promote business growth, and expand financial inclusion.
The upcoming Interoperability Conference Symposium represents a significant step toward realizing these goals, providing a platform for stakeholders to unite in their efforts to enhance intra-African trade and economic development.
As the symposium approaches, the focus remains on fostering political will, gaining regulatory support, and harnessing technology to create a seamless financial ecosystem that can drive Africa’s economic future.
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