The African Union (AU) has endorsed President Nana Akufo-Addo’s vision for a continent-wide financial institution and has taken steps to accelerate mobile money interoperability across Africa.
The decisions were made during the AU Mid-Year Coordination meeting in Accra, where President Akufo-Addo, the AU Champion for Financial Institutions, emphasized the need to enhance financial inclusion for the most vulnerable populations.
The establishment of an AU Financial Institution is expected to significantly boost intra-African trade, deepen economic integration, and improve the lives of millions of Africans. By facilitating cross-border transactions and investments, the institution will contribute to the continent’s economic growth and development.
In addition, the AU’s commitment to scaling up mobile money interoperability will revolutionize the way Africans conduct business. With over 70% of global mobile money transactions already taking place on the continent, this move has the potential to unlock immense economic opportunities. President Akufo-Addo highlighted that mobile money interoperability will create jobs, especially for young people, and stimulate economic activity across the continent.
To achieve mobile money interoperability by 2027, the AU has called on member states to fully adopt the Pan-African Payment and Settlement System (PAPSS) and develop a unified regulatory framework for mobile money operations.
This landmark decision brings Africa closer to realizing its goal of a single, unified market, characterized by seamless financial transactions and economic prosperity.