The Vice President of Ghana, Dr. Mahamudu Bawumia, has advocated for the adoption of mobile money (MoMo) interoperability to serve as a common currency for Africa.
Speaking at the Africa Prosperity Network (APN) Interoperability Symposium in Accra on July 6, Dr. Mahamudu Bawumia, urged African countries to adopt mobile money (MoMo) interoperability.
Dr. Bawumia suggested that making mobile money systems interoperable could serve as a common currency for Africa, making trade easier across the continent.
“Mobile money can act like a common currency if we make it interoperable. We don’t need a single currency to gain the benefits we’ve been discussing since 1963,”
he explained.
He pointed out that achieving a common currency has been difficult due to the economic differences between countries. Instead, focusing on mobile money interoperability could overcome these hurdles.
Ghana, he noted, has the expertise and a strong fintech sector to lead this initiative. He advised not to wait for every country to be ready but to start with agreements between a few, like Ghana and Nigeria.
“We shouldn’t wait for the whole continent,”
he urged.
Dr. Bawumia emphasized the potential of mobile money to transform trade and economic integration in Africa.
“If we are serious, we can achieve this. Let’s scale up mobile money at the continental level and help Africa prosper,”
he concluded.
Dr. Bawumia, as the flag bearer of the New Patriotic Party (NPP) also called for political will to push this initiative forward.
