By Naa Dzagbley Ago
Stakeholders at the 2026 3i Africa Summit in Accra have called for deliberate policies, stronger regulation and deeper collaboration among regulators, financial institutions and fintech firms to accelerate Africa’s digital economy and strengthen cross-border trade.
The first day of the summit, held on the theme “Shaping Africa’s Integrated Digital Economy,” focused on building a more connected financial ecosystem through innovation, digitalization and investment.
Speaking at the summit, Chief Executive Officer of the Ghana Interbank Payment and Settlement Systems, GhIPSS, Clara Arthur, stressed that partnerships and investments in digital infrastructure remain critical to transforming Ghana’s financial services sector and positioning Africa for seamless cross-border transactions.
She cited the growing confidence in mobile money transactions among ordinary Ghanaians as evidence of the country’s progress in digital finance.
Mrs. Arthur recounted a recent interaction with a trader at Makola Market who, when asked how she preferred to receive payment, simply responded “mobile money” without asking whether the sender was using a bank account or mobile wallet.
According to her, that expectation reflects the success of interoperability initiatives driven through collaboration between GhIPSS, the Bank of Ghana, financial institutions, mobile money operators and fintech firms.
“What that moment represents goes beyond technology. It represents trust, access and progress,” she stated.
Mrs. Arthur announced that GhIPSS is migrating Ghana’s national payment infrastructure to the ISO 20022 global messaging standard to improve efficiency, enhance transaction data capabilities and support seamless cross-border integration with global financial systems.
She explained that the migration is a strategic step aimed at ensuring Ghana’s payment ecosystem aligns with international standards and remains competitive within the evolving global financial landscape.
In addition, she disclosed that GhIPSS is strengthening its domestic card scheme through partnerships with regional and international card operators while also positioning itself to collaborate with virtual asset service providers following the passage of the Virtual Asset Service Providers Act.
According to her, the initiative will provide a shared infrastructure that encourages innovation while ensuring regulatory compliance.
Mrs. Arthur further reiterated GhIPSS’ commitment to continental integration, indicating that the institution is prepared to connect with instant payment systems across Africa to advance interoperability and facilitate faster cross-border payments.
She urged financial institutions and fintech companies yet to connect to the national switch to do so, stressing that shared infrastructure is essential to reducing duplication and achieving scale in digital finance.
For his part, Chief Executive Officer of MobileMoney Fintech Limited, Shaibu Haruna, called for stronger consumer protection systems and trust mechanisms to safeguard Africa’s rapidly expanding digital lending sector.
According to him, the future growth of fintech on the continent will depend largely on how regulators and operators balance innovation with accountability.
Mr. Haruna noted that Africa’s digital credit ecosystem is entering a new phase of expansion driven by artificial intelligence, rising mobile phone usage and data-driven lending platforms capable of approving loans within seconds.
He cautioned that rapid innovation without adequate safeguards could undermine public confidence in digital financial services.
“In the time it takes to complete a sentence, thousands of loans can be approved across cities like Accra, Nairobi or Dar es Salaam,” he said. “But the real question is whether borrowers fully understand what they are signing up for, the interest rates, penalties, repayment timelines and consequences of default.”
Mr. Haruna therefore urged industry players to prioritise transparent disclosure of loan terms, fair pricing models and accessible dispute resolution systems to better protect consumers, especially first-time borrowers who may not fully understand digital credit products.
The three-day summit has brought together policymakers, central bank governors, fintech leaders and investors to explore how innovation, investment and collaboration can shape Africa’s financial future.
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