Chief Executive Officer MoMo PSB Limited Nigeria, Eli Hini has said that for payment systems in Africa to work and facilitate intra-Africa trade, it will require public confidence in them.
He made the remark at the Africa Prosperity Dialogues held at the Peduase Presidential Lodge in Ghana.
Mr. Hini participated in a panel discussion on “Scaling Up Mobile Interoperability to Deepen Financial Inclusion and Intra-African Trade,” where he underscored the significance of instilling confidence in a functional system.
He said, “There is no denying, the importance of interoperability to deepen financial inclusion and intra-Africa trade. For this to be efficient, one key thing we need is confidence in a system that works. In Ghana, we have built confidence in the ecosystem regarding digital payment options provided by network operators such as MoMo. Ghanaians have developed trust in using these digital payment options for seamless money transfers with minimal challenges. That is what we must see on the African continent as well. For there to be interoperability for African countries to trade among themselves, there must be confidence in a system that works. The infrastructure and technology are readily available. “
He also urged leaders of the continent to hold the needed conversations to provide the necessary protocols and frameworks that allow integration and interoperability across borders.
Mr. Hini emphasized the importance of including Small and Medium-sized Enterprises (SMEs) in the journey toward interoperability in Africa.
He said, “Ease of participation is a crucial factor in the discussion of interoperability if we want to deepen financial inclusion and intra-Africa trade. If we are finally able to get the framework and structures that allow us to trade among ourselves, then we must take into consideration the ease of participation. SMEs, often grappling with challenges in cross-border trade, should be a focal point. It will be a waste of time to solve the issue of cross-border trade if these people cannot benefit from it. They must be well integrated into the system and given the access that they need to leverage the benefits of this agenda. We must be careful not to put up roadblocks that hinder their participation.”
The Africa Prosperity Dialogue is a three-day event that has its overarching focus on the need to propose concrete measures to drive Africa’s progress. Themed “Delivering Prosperity in Africa: Produce. Add Value. Trade”, the three-day high-level dialogue brings together government and business leaders from across Africa and beyond to deliberate and exchange ideas on key issues and solutions in building and harnessing Africa’s growth.
