The African Union (AU) has adopted a proposal from President Nana Addo Dankwa Akufo-Addo to establish a system to use mobile money to buy and sell in Africa.
This proposal was tabled by President Akufo-Addo, who is also the AU Champion on AU Financial Institutions (AUFIs), at the 6th Mid-Year Coordination Meeting in Accra last Sunday.
In his presentation, the Ghana leader said by 2027, colleague heads of state should, inter alia, bring all member states on board the Pan-African Payment and Settlement System (PAPSS) and allow cross-border mobile money interoperability.
“Interoperability is not just a technical issue; it provides a cornerstone for our economic future,” President Akufo-Addo said at the Meeting on Sunday, July 22.
“By allowing Africans the freedom to buy and sell across borders, I believe that freedom alone we immediately create a surge in demand and supply, which will, in no time, create a huge incentive for unprecedented investments in cross-border transport and logistics.
“We stand at the gates of unlocking tremendous opportunities for trade, investment, growth, jobs and economic integration in Africa for Africans.
“Our continent is home to a vibrant market of nearly 1.4 billion people, with majority being the youth; what they call Generation Z, with the Alpha Generation in tow. It is in our collective interest as today’s leaders to offer the youth of our continent the freedom to express their creativity economically and without border constrains and earn from their enterprise. Give the youth of Africa the freedom to aspire and they shall be inspired to lead in creating the Africa we want, the Africa we desire and the Africa they deserve.
“Let us leave Accra knowing we have committed our Union, our Regional Communities and our Member States to allowing our people the opportunity to buy and sell anywhere in Africa, using just their hand-held mobile device. Let us leave this room committing all our relevant institutions to fast-tracking the process. By championing interoperability, we are taking a decisive step towards realising the Africa that our freedom fighters dreamed of, which today is in our hands to bring about—a prosperous, integrated, and globally competitive continent.
“I believe we can! I believe in the Africa we want! And, I know so do you! I submit Chair,” he strongly ended his speech.
In a draft declaration released after the Meeting, the AU endorsed the recommendations in President Akufo-Addo’s reports as captured in 2(iv) of the document.
