Bank of Ghana Calls for Cross‑Border Instant Payments to Boost African Integration

Why It Matters

A functional, instant cross‑border payment network would address one of Africa’s most persistent economic bottlenecks: the high cost and delay of intra‑continental money transfers. By reducing friction, the network could unlock trade under the AfCFTA, improve cash‑flow for SMEs, and expand financial inclusion for the unbanked. Moreover, a unified payments infrastructure would make the continent more attractive to global investors seeking efficient settlement mechanisms. Beyond economics, the initiative tests the ability of African regulators to cooperate on a shared digital infrastructure. Successful coordination could set a precedent for other cross‑border initiatives, such as data‑sharing frameworks and digital identity standards, further strengthening regional integration.

Key Takeaways

• Bank of Ghana’s First Deputy Governor Dr. Zakari Mumuni called for continent‑wide instant payment interoperability at the 3i Africa Summit 2026.
• Existing national systems—GhIPPS (Ghana), NIP (Nigeria), RPP (South Africa), PesaLink (Kenya)—lack cross‑border connectivity.
• Fragmented mobile‑money platforms increase intra‑African transfer times to days and fees to several percent.
• Proposed interoperability would cut transaction costs, accelerate business cash cycles and boost financial inclusion.
• Pilot projects are expected in 2027, with a goal of a continent‑wide network by 2029.

Pulse Analysis

The Bank of Ghana’s push reflects a broader shift in African monetary policy from siloed national systems toward a shared digital backbone. Historically, each country has pursued its own instant‑payment solution to meet domestic demand, but the absence of a common protocol has turned intra‑African commerce into a logistical nightmare. By championing interoperability, Ghana is betting that the collective benefits—reduced settlement risk, lower operational costs and a larger pool of digital‑payment users—will outweigh the sovereignty concerns that have traditionally slowed regional cooperation.

From a market perspective, the move could reshape the competitive landscape. Banks that have invested heavily in proprietary instant‑payment platforms may need to open their APIs, potentially eroding a source of differentiation. Conversely, fintech firms that specialize in API aggregation and cross‑border compliance stand to gain a new revenue stream by becoming the connective tissue between disparate systems. The race to standardise will likely see a coalition of regional payment‑system operators, such as the African Payments Network, vying with global players like Visa and Mastercard, who have already begun offering cross‑border settlement services in Africa.

If the interoperability agenda succeeds, it could catalyse a wave of new digital products—from real‑time trade financing to cross‑border micro‑lending—fueling a more resilient and inclusive African economy. Failure, however, would reinforce the status quo, keeping African businesses dependent on costly, slow remittance corridors and limiting the continent’s ability to fully exploit the AfCFTA’s trade potential.