Judith Adumua-Bossman, Mobile Financial Services Manager at Telecel Ghana, has urged collective efforts to implement cross-border mobile money interoperability, aiming to boost business and trade across the continent.
In a thought-provoking speech at the Africa Prosperity Network’s Symposium on ‘Scaling Up Interoperability: Using Mobile Money to Buy & Sell Across Africa,’ Mrs. Adumua-Bossman highlighted the importance of telcos, banks, and FinTech companies working together and taking concrete action to enable cross-border mobile money transactions.
“The next step in mobile money interoperability is making cross-border transactions seamless and convenient for our customers, who are eager for this service to grow and boost their trade and businesses,” Mrs. Adumua-Bossman said.
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The symposium convened key players in the finance, trade, and governance sectors to discuss the critical role of mobile money interoperability in unlocking Africa’s economic potential.
Mrs. Adumua-Bossman argued that the current challenges facing mobile money interoperability including fraud incidents and reversal resolution can be tackled with more security controls on authentication, increase in customer education and faster standardised complaint resolution timeframe to help strengthen the roll out of cross-border payments across the continent.
“The potential benefits of interoperability across borders in Africa are too significant to ignore. It’s about time we worked collaboratively with regulators and financial institutions across Africa to develop harmonised frameworks and protocols that enable seamless cross-border transactions,” she said.
Mrs. Adumua-Bossman reiterated Telecel Ghana’s commitment to interoperability, citing ongoing discussions with regional partners and participation in industry-wide initiatives focused on cross-border payments to help promote trade for customers.
The remarks resonated with experts and speakers at the symposium, many of whom agreed that cross-border interoperability has the potential to significantly boost intra-African trade, empower small and medium-sized businesses, and accelerate financial inclusion across the continent.
Mrs. Adumua-Bossman wrapped up her remarks by urging greater investment in partnerships to make mobile money interoperability across the continent the next big target for the financial sector..
Cross-border mobile money interoperability is essential for Africa’s economic growth. It’s important to invest in strong partnerships and collaborations, supported by the right regulations, to make seamless transactions across the continent a reality, she added.
Backed by Telecel Ghana, the Africa Prosperity Network’s Symposium has kicked off an important regional discussion on interoperable financial solutions, setting the path toward a more connected and financially inclusive future for Africa.
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