Digital financing: Disconnected payment systems, uneven regulatory frameworks, limited interoperability continue to hold us back – Dr Zakari

Stakeholders at the 20263i Africa Summit have examined what it will take to build a digital financial system that is not only innovative but also inclusive, secure, and truly pan-African.

Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni said that for him, three conclusions stand out.

First, Africa already has the building blocks. Across the continent, we have proven models—mobile money, instant payments, agent networks, and government-led digital transfers.

“The task before us is not invention, but scale: connecting national systems, harmonising standards, and enabling seamless movement of value across borders. Second, fragmentation remains our biggest constraint,” he said in his remarks during the event on Thursday, May 7.

He added that disconnected payment systems, uneven regulatory frameworks, and limited interoperability continue to hold them back.

Without deliberate coordination, these gaps will persist—and the promise of a single digital market will remain out of reach, he said.

Third, he said, leadership will determine the outcome. Markets alone will not deliver this transformation. Governments, central banks, and other relevant Regulatory Authorities must take an active role in shaping both the architecture and the direction of the inclusion.

“Against this backdrop, the path forward is clear. ecosystem—ensuring that innovation advances stability, trust, and We must scale what works, by committing to concrete timelines, and cross-border partnerships – that move beyond pilots to full implementation.

“We must build systems, not silos, by strengthening digital public infrastructure, investing in supervisory capacity, and developing the talent required to sustain a continent-wide financial ecosystem.

“And critically, we must sustain momentum beyond this Summit. The success of 3i Africa will not be measured by the quality of our discussions today, but by the actions we take tomorrow. Do our collaborations endure? Do our reforms materialise? Do our institutions translate insight into execution? ” he said.

Surely, he added, this transition will not be without risk.

“We must remain vigilant to emerging threats—from cybersecurity vulnerabilities and data misuse to irresponsible lending and market concentration.

“At every step, we must ask a fundamental question: who benefits, and are we expanding inclusion in practice, not just in promise? ” he said.

Dr Zakari Mumuni further said that the next frontier is not a concept. It is — a commitment.

“It lies in the decisions we make as policymakers, the investments we make as institutions, and the partnerships we choose to build across borders.

“Let us, therefore, leave this Summit with clarity and resolve: to connect our systems, to align our policies, and to execute— deliberately and at scale.

“If we do so, the impact of this gathering will be visible not in months, but in the transformation of Africa’s financial landscape over the years ahead. The frontier begins here—but its success depends on what we do next. “

Source: 3news.com by Laud Nartey