President Akufo-Addo’s proposal for the African Union to establish an AU Financial Institution has been adopted for implementation.
The Union has also embraced the proposal to scale up mobile money interoperability across Africa.
During the AU Mid-Year Coordination meeting in Accra, President Akufo-Addo, the AU Champion on Financial Institutions, advocated for greater financial inclusion in Africa to support the vulnerable and deprived populations.
The adoption of this initiative is expected to boost intra-African trade, promote economic integration, and enhance the livelihoods of Africans.
With over 70% of global mobile money transactions occurring in Africa, this move has the potential to unlock significant economic opportunities for the continent.
President Akufo-Addo emphasized the importance of mobile money interoperability, stating that it will enable Africans to use their mobile money wallets to buy and sell across member states, creating business opportunities and helping to tackle youth unemployment.
The AU has called on member states, regional economic communities, and relevant stakeholders to commit to achieving mobile money interoperability by 2027.
This includes integrating all member states into the Pan-African Payment and Settlement System (PAPSS), enabling cross-border mobile money interoperability, and developing a continental regulatory framework for mobile money operations.
The adoption of mobile money interoperability is a significant step towards achieving the African Union’s goal of creating a single, unified market for Africa.
It is expected to promote economic growth, reduce transaction costs, and enhance the overall economic integration of the continent.
