By Jibril Abdul Mumuni
Accra, May 9, GNA – Dr Zakari Mumuni, First Deputy Governor of the Bank of Ghana (BoG), has identified fragmentation in Africa’s payment systems as a major barrier to digital financial integration.
He said Africa’s ambition of building a seamless and inclusive digital financial ecosystem would remain unattainable without urgent efforts to bridge gaps within national systems.
Delivering the closing keynote address at the 2026 3i Africa Summit in Accra, Dr Mumuni explained that Africa already possessed strong foundational elements, including mobile money platforms, instant payment systems, agent networks and government‑led digital transfer programmes.
However, he stressed that the challenge lay not in innovation but in scaling these solutions across borders.
“Fragmentation remains our biggest constraint. Disconnected payment systems, uneven regulatory frameworks, and limited interoperability continue to hold us back.
“The task before us is not invention, but scale — connecting national systems, harmonising standards, and enabling seamless movement of value across borders,” he said.
Dr Mumuni cautioned that without deliberate coordination among countries, financial institutions and regulators, gaps would persist.
“Without deliberate coordination, these gaps will persist – and the promise of a single digital market will remain out of reach,” he said.
Dr Mumuni underscored the importance of leadership in addressing fragmentation, stressing: “Markets alone will not deliver this transformation. Governments, central banks, and regulatory authorities must take an active role.”
He called for practical actions, including strengthening digital public infrastructure, aligning regulations and fostering cross‑border partnerships beyond pilot initiatives.
“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,” he stated.
Dr Mumuni urged stakeholders to move from discussions to implementation.
“We must scale what works… and move beyond pilots to full implementation,” he said.
Dr Mumuni warned that failure to address fragmentation could expose the financial system to risks such as cybersecurity threats, data misuse and market imbalances, which could undermine trust in digital finance.
He emphasised that inclusivity must remain central to integration efforts.
“We must ask a fundamental question: who benefits, and are we expanding inclusion in practice, not just in promise?” he said, and urged stakeholders to sustain momentum beyond the summit and translate commitments into measurable outcomes that would reshape Africa’s financial landscape.
GNA
Edited by Kenneth Sackey
9 May 2026
