Accra, Ghana – Dr. Mahamudu Bawumia, Vice President and flagbearer of the New Patriotic Party (NPP), has proposed the adoption of mobile money as a common payment system across Africa to address trade barriers and financial challenges on the continent.
Speaking at the Interoperability Symposium organized by the Africa Prosperity Network (APN) in Accra, Dr. Bawumia highlighted long-standing issues hindering inter-African trade. These include low trading rates among African nations, low export rates, cumbersome payment systems, and pressure on foreign exchange.
Proposal for Mobile Money Interoperability
Dr. Bawumia suggested the implementation of a mobile money interoperability payment system for Africa to foster seamless trade among African countries.
“Trade payments and relationships are currently hampered by inadequate settlement systems, resulting in high costs, limited access, slow processing speeds, and a lack of transparency.”
He emphasized that making mobile money interoperable across African borders would enable citizens to trade more efficiently, but underscored the necessity of strong political will to achieve this vision.
“Without political will, it is not likely to be achieved. It takes a lot of effort to bring stakeholders together on a common platform.”
Dr. Bawumia’s Vision on Social Media
On his Facebook page, Dr. Bawumia elaborated on how an African mobile money interoperability payment system could function as a de facto common currency for trade, without the need for stringent economic requirements.
Referencing Ghana’s successful mobile money interoperability system, Dr. Bawumia noted that it could serve as a model for the rest of Africa. He stressed that Ghana’s system, which integrates transactions across telecoms, bank accounts, and e-zwich platforms, exemplifies how such a system can be implemented continent-wide.
“For me, having continental mobile money interoperability will ultimately achieve, to a greater extent, the objectives of a common currency without necessarily having a common currency in Africa. We should aim at pursuing this on an incremental basis.”
Dr. Bawumia proposed that countries like Ghana, Nigeria, and Côte d’Ivoire could lead this initiative, setting a precedent for other nations to follow.
Conclusion
Dr. Bawumia’s proposal, if realized, could significantly enhance trade and economic integration within Africa, promoting financial inclusion and reducing dependency on foreign exchange systems. The success of Ghana’s interoperability system offers a practical template for this ambitious project.
