By: Nana
Appiah Acquaye
The AfricaNenda Foundation
has renewed calls for a continent-wide framework to harmonize payment policies
and regulations, arguing that greater interoperability and regulatory alignment
are essential to accelerating financial inclusion and reducing the cost of
cross-border transactions across Africa.
Speaking at the Africa
Fintech Forum in Nairobi, Jacqueline Jumah, Director of Advocacy and Capacity
Development at AfricaNenda Foundation, highlighted the challenges facing
Africa's payment ecosystem and the urgent need for coordinated action among
policymakers and regulators.
Jumah noted that more than
400 million adults across the continent remain financially excluded, while
remittance costs average 7.8 percent, making Africa the most expensive region
globally for sending and receiving money across borders.
She also pointed to the
fragmentation of Africa's financial landscape, where more than 40 currencies
operate across the continent with limited interoperability, creating barriers
to seamless cross-border payments and trade.
According to Jumah, the
current situation is unsustainable and requires collective efforts to establish
common standards and regulatory frameworks that enable payment systems to
communicate effectively across national boundaries.
She said AfricaNenda is
working closely with the African Union Commission to support initiatives aimed
at improving payment interoperability and advancing policy harmonization across
the continent.
The collaboration seeks to
promote the development of integrated digital payment systems by aligning
regulations, establishing common standards, and facilitating cross-border
payment corridors that can support trade, remittances, and broader financial inclusion
goals.
Industry stakeholders at the
forum discussed the role of digital financial services in expanding access to
financial products and driving economic growth, with policymakers and fintech
leaders emphasizing the importance of creating an enabling regulatory
environment for innovation.
AfricaNenda has been
advocating for inclusive instant payment systems across Africa, supporting
efforts to build digital public infrastructure that can help connect
individuals, businesses, and governments to affordable and accessible financial
services.
The call for harmonized
payment regulations comes as African countries continue efforts to deepen
regional integration, expand digital commerce, and leverage technology to
improve access to financial services for underserved populations.
