Kenneth Ugwuanyi, the Group Head of Transaction Banking at UBA, underscored the vital importance of mobile money interoperability across Africa during his presentation at the Africa Prosperity Network Symposium on Retail Payment through Interoperability, recently held at the Labadi Beach Hotel in Accra, Ghana.
In his presentation, Kenneth Ugwuanyi highlighted UBA’s readiness to support this initiative, citing the bank’s robust infrastructure and successful products such as Africash, Afritrade, and UBA Connect. These offerings exemplify the potential for seamless cross-border transactions across the continent. He also emphasized the significant role of platforms developed by the Pan-African Payment and Settlement System (PAPSS) in achieving comprehensive mobile money interoperability.
“The concept of interoperable mobile money systems holds enormous potential for establishing comprehensive cross-border payment interoperability in the short to medium term,” Ugwuanyi stated. He stressed that realizing this vision requires more than just technological readiness.
Ugwuanyi outlined several key strategies essential for the adoption and long-term reliability of such systems. These include ensuring users are well-informed and confident in the security and efficiency of mobile money systems, building scalable platforms that can adapt to increasing demands while maintaining consistent performance, and guaranteeing inclusive access for all segments of society, including rural and underserved populations.
The symposium brought together experts and stakeholders from across the continent to discuss the future of retail payments in Africa. Ugwuanyi’s insights underscored UBA’s leadership and commitment to driving financial inclusion and economic prosperity through innovative banking solutions.
As Africa progresses towards greater economic integration, the push for mobile money interoperability remains a key priority. Ugwuanyi ‘s address at the symposium signals UBA’s strategic role in fostering a more connected and financially inclusive continent.
At the last African Prosperity Dialogue (APD) in January this year, the Governor of the Bank of Ghana, Dr. Ernest Addison, aligned this initiative with the broader objective of the African Continental Free Trade Area (AfCFTA). This objective aims to increase intra-African trade from 15% in 2019 to 50% by 2045 and to create a single continental market for goods and services among African Union member states. Against this backdrop, the need for a robust framework that enables seamless cross-border payments in Africa has been central to recent policy, development, and financial inclusion discussions. This highlights the significant challenges faced on the continent and the quest for concrete actions to promote cross-border payment systems to achieve our shared aspirations.
The panel discussion also featured contributions from Dr. Maxwell Opoku-Afari and the Director General of the National Communications Authority, Dr. Joe Anokye, adding depth to the dialogue on advancing retail payment interoperability in Africa.
