Professor Yemi Osinbajo, a former Vice‑President of Nigeria, urged African governments to enhance cooperation on cross‑border payments at the opening of the Mobex Africa Conference 2026. The event, themed “Resetting Africa’s Digital Identity and Sovereignty from Promise to Practice,” highlighted the need for more efficient, secure and accessible payment systems to support the African Continental Free Trade Area and other integration initiatives.
Osinbajo noted that while many countries have developed domestic payment platforms, moving money across borders remains costly and difficult for traders, businesses and individuals. He said some transactions still rely on correspondent banking arrangements outside the countries involved, adding intermediaries and extra fees that undermine regional economic integration.
The former Vice‑President stressed that digital integration requires more than technical partnerships; it demands trust, common standards and effective regulatory cooperation among central banks, financial institutions and governments. He warned that improved connectivity must not introduce new risks to national financial systems, calling for supportive policy environments and resilient financial infrastructure.
Osinbajo highlighted the potential of digital financial services to create opportunities for traders and small businesses by improving access to financial information and enabling better lending decisions. He also emphasized the need to protect customers, ensure fair lending terms and safeguard users when technology fails or payments encounter problems.
He urged safeguards to protect personal and business data, so traders can benefit from digital services without compromising privacy or rights. Mr Owureku Asare, Director of the Fintech and Innovation Office at the Bank of Ghana, added that Ghana’s experience in developing payment infrastructure shows how public investment, strong institutional leadership and enabling regulation can support secure and accessible systems while encouraging innovation and competition.
Ghana remains committed to working with other central banks, regional institutions and industry partners to improve payment system efficiency and connectivity across Africa.
