Africa must accelerate the development of inclusive and interoperable instant payment systems to support economic growth, deepen financial inclusion and strengthen regional integration, a senior official of the Bank of Ghana said on Tuesday.

Speaking at the 3i Africa Summit in Accra, First Deputy Governor Dr. Zakari Mumuni said fragmented payment systems, high transaction costs and limited interoperability were preventing Africa from fully realising the benefits of its growing digital economy.

“Inclusive instant payments are therefore not optional — they are essential infrastructure,” Mumuni said in a keynote address titled Inclusive Instant Payments as Economic Infrastructure.

He said mobile money, fintech innovation and digital banking had significantly expanded financial access across Africa over the past two decades, but warned that access alone was insufficient without seamless integration between payment platforms and financial institutions.

“Access without seamless usability has limits,” he said. “High transaction costs, siloed platforms, and constrained interoperability continue to impede the efficient flow of value across systems, sectors and borders.”

Mumuni said properly designed instant payment systems could enable real-time, low-cost transactions across interoperable networks linking banks, fintech companies and consumers.

Such systems, he said, would help businesses improve cash flow management, support government revenue mobilisation and expand access to affordable financial services for underserved populations.

The deputy governor said progress across Africa remained uneven, noting that no instant payment system on the continent had yet achieved full inclusivity at scale.

“Building infrastructure is not enough — we must ensure that it works universally and equitably,” he said.

Mumuni called for stronger coordination among regulators, payment system operators, banks and fintech firms to create interoperable systems capable of supporting seamless transactions across jurisdictions.

He also urged governments and regulators to harmonise electronic know-your-customer (eKYC) frameworks, align licensing systems and strengthen cross-border cooperation to improve regional payment connectivity.

“In Ghana, we have made tangible progress, including the deployment of multiple instant payment platforms and ongoing efforts to strengthen inter-scheme interoperability,” he said.

However, he added that the broader objective was to ensure payment systems are “accessible, affordable and trusted by every segment of society.”

The summit, which brought together central bank governors, financial institutions, fintech companies and development partners from across Africa, focused on advancing digital payments, financial inclusion and cross-border interoperability.

The event was supported by Mojaloop Foundation, which sponsored the summit track on inclusive instant payments.

Mumuni said Africa’s digital future would depend on building payment systems that function seamlessly across platforms and borders in real time.

“The path is clear, the technology is available, and the benefits are substantial,” he said. “What is needed now is commitment and execution.”