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October 25, 2026
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Africa needs stronger digital payment links to unlock regional trade – Femi Osinbajo
Money
Policy
Opportunity
Growth
Key Points
- Professor Yemi Osinbajo, former VP of Nigeria, called for stronger African cooperation to improve cross-border payments, digital integration, and boost trade and investment.
- He noted that current cross-border payments are difficult and costly, often relying on external correspondent banking, which undermines regional economic integration efforts.
- Osinbajo urged collaboration among central banks, financial institutions, and governments to connect national payment systems, emphasizing trust, common standards, and effective regulatory cooperation.
- He stressed the need for supportive policy environments, resilient financial infrastructure, and safeguards to protect customer privacy and rights in digital financial services.
- Mr. Owureku Asare from the Bank of Ghana highlighted Ghana's successful experience in developing payment infrastructure and reaffirmed Ghana's commitment to regional payment system efficiency and connectivity.
Why This Matters
This article is highly relevant to Ghana as it directly addresses crucial areas for the nation's economic development and regional leadership. Improved cross-border payments and digital integration are vital for Ghana to fully capitalize on the African Continental Free Trade Area (AfCFTA), facilitating smoother trade, attracting foreign investment, and fostering domestic business growth. Ghana's active participation and experience in developing payment infrastructure position it as a key contributor to these continent-wide initiatives.
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