Matilda Asante-Asiedu, Second Deputy Governor of the Bank of Ghana (BoG), has emphasized the critical role of efficient digital payment systems in facilitating Africa’s continental trade and integration, particularly for SMEs, women, and youth.
Speaking on behalf of the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, at the Africa Prosperity Dialogue (APD) 2026, on Wednesday, 4th February 2026, at the Accra International Conference Centre (AICC), Ms Asante-Asiedu highlighted the centrality of payments as “strategic trade infrastructure, essential for monetary stability, financial integration, and long-term economic transformation across our dear continent.”
She noted that while Africa has enormous economic potential, cross-border payments remain expensive, slow, and fragmented. “Transaction costs for intra-Africa payments exceed between 7 to 10%, compared to about 3% on average around the world. Settlement times can take from days to weeks,” she said, pointing out that these inefficiencies disproportionately affect SMEs and women-led businesses.
Ms. Asante-Asiedu underscored that trade agreements alone cannot create trade; payments make trade possible. She cited Africa’s combined market of over 1.5 billion people and a GDP of approximately $2.8 trillion, noting that the full potential of the African Continental Free Trade Area (AfCFTA) can only be realized if payment systems match the continent’s trade ambitions.
Highlighting Ghana’s domestic progress, she said the country has “deliberately built a modern, interoperable and resilient payment ecosystem… Investments in digital public infrastructure have enabled interoperability amongst banks, mobile money operators, and think tanks, supporting real payments across our economy.” She further explained Ghana’s participation in the Pan-African Payment and Settlement Systems (PAPSS), which facilitates cross-border transactions in local African currencies, reduces costs, and shortens the value chain.
Ms. Asante-Asiedu outlined key initiatives by the Bank of Ghana to advance cross-border digital payments. She highlighted the Fintech Passports, a collaboration with the Bank of Rwanda designed to enable cross-border licensing and foster regulatory trust between countries.
She also spoke about the Next Generation Digital Public Infrastructure, which is currently testing multilateral interoperability frameworks, settlement modules, and potential arrangements for future cross-border currencies.
Additionally, she noted the recently enacted Virtual Asset Service Providers Act, which supports emerging digital payment channels while ensuring strong consumer protection and effective risk oversight.
She stressed that these initiatives aim to support inclusive growth, noting that “SMEs account for over 90% of Africa’s businesses. Women dominate in the informal sector trades. Young Africans are leading the continent’s digital revolution. Yet high transaction costs and payment inefficiencies disproportionately affect these groups.”
Ms. Asante-Asiedu said collective priorities must include harmonizing regulatory standards, advancing licensing passports across African countries, strengthening digital public infrastructure, expanding cross-border mobile money and instant payment pilots, and broadening digital onboarding and payment acceptance for SMEs.
“Africa’s single market will not be achieved by mere aspiration,” she concluded. “It will be realized when value moves seamlessly, when entrepreneurs transact across borders without friction, and when innovation is supported by trust and strong institutions. Cross-border payments can transform from constraints to a powerful catalyst for Africa’s shared prosperity. We at the Bank of Ghana stand ready to collaborate, to move from discussions to action.”
