Opening the summit, Vice President of the Republic of Ghana, H.E Professor Naana Jane Opoku-Agyemang underscored the urgent need for cross-border financial integration, revealing that Ghana was working with countries including Rwanda and Zambia to pilot a continental digital trade corridor.

The initiative aimed to enable businesses to invoice and receive payments directly in local currencies, including the Ghana Cedi, without relying on foreign intermediary systems.

“The objective is for a Ghanaian enterprise to be able to invoice clients and receive payments in cedis directly, efficiently and at a reasonable cost,” she stated.

According to her, many intra-African transactions were still routed through external financial systems, increasing costs and delays while undermining the vision of a unified African market.

She explained that the pilot would focus on mobile money interoperability, mutual recognition of digital identity for cross-border transactions, and harmonised electronic invoicing with key pillars expected to unlock seamless trade under frameworks such as the African Continental Free Trade Area (AfCFTA).

Chief Executive Officer of MTN Group, Ralph Mupita, described Africa as being on the verge of a major leap in financial inclusion, driven by rapid digital transformation.

“Africa is on the brink of a major leap in financial inclusion,” he said during a virtual interview, pointing to the evolution of mobile money into a powerful financial ecosystem.

He noted that mobile money systems across the continent were already contributing to global transaction volumes estimated at around $2 trillion, demonstrating Africa’s growing influence in digital finance.

According to Mr. Mupita, the next phase would go beyond traditional Unstructured Supplementary Service Data (USSD)-based services into a more advanced, smartphone-driven ecosystem integrating digital banking, nano-lending, remittances and emerging technologies such as AI and blockchain-based solutions.

“This is a shift from mobile money to true digital finance,” he explained, adding that such systems were key to unlocking economic growth and expanding financial inclusion especially among young Africans.

He emphasized that MTN and other telecom-led platforms had played a critical role in lowering barriers to financial access by leveraging their wide distribution networks to reach underserved populations at scale.

However, he cautioned that regulatory clarity and strong frameworks are essential to sustain growth, build trust and combat risks such as fraud and digital scams.

On the issue of cross-border payments, Mr. Mupita stressed the need for Africa to move from isolated national systems to a fully integrated digital finance ecosystem. “The future lies in seamless transactions across African markets with minimal barriers,” he said, aligning closely with the Vice President’s call for interoperability.

Also speaking at the summit, Chief Executive Officer of MobileMoney Fintech Ltd, Shaibu Haruna, emphasized the risks that come with rapid digital lending growth, particularly in high-speed credit markets. “In the time it takes to finish a sentence, thousands of digital loans are approved,” he noted.

However, he questioned whether customers truly understood the terms behind these loans, including interest rates, penalties and dispute resolution processes.

“If the answers are unclear, then we must admit we need to do more to protect our customers,” he said.

Mr. Haruna emphasized that consumer protection must be a shared responsibility between regulators, service providers and customers, calling for greater transparency, responsible lending practices and continuous financial education.

He revealed that Mobile Money platforms were already implementing initiatives such as “Responsible Borrowing Campaigns” to educate users and promote sustainable credit usage.

From a regulatory standpoint, Governor of the Bank of Ghana, Dr. Johnson Asiama, raised concerns about weak authentication systems in digital finance, warning that they increased fraud risks and undermined trust.

“Weak authentication affects credit quality and confidence in the system,” he cautioned, calling for stronger digital identity systems and improved Know Your Customer (KYC) frameworks.

He also urged greater coordination among institutions and increased support for indigenous fintech firms to ensure sustainable growth.

Meanwhile, Chief Executive of Ghana Interbank Payments and Settlement Systems (GhIPSS), Clara B. Arthur, announced that Ghana’s payment systems were being upgraded to the ISO 20022 global messaging standard, a move expected to enhance transaction speed, data quality and interoperability with global financial systems.

She reaffirmed that the future of digital finance lay in cross-border interoperability, positioning Ghana as a key player in Africa’s integrated payments ecosystem.

The three day summit would further explore how innovation, regulation and collaboration could converge to build a resilient, inclusive and borderless digital economy for Africa.

Vice President Prof Jane Opoku-Agyemang

Governor of BoG Dr. Johnson Asiama

Chief Executive Officer of MobileMoney Fintech Ltd, Shaibu Haruna