Finance Minister, Dr. Mohammed Amin Adam on behalf of African nations, is appealing to the World Bank to assist the continent in providing technical assistance to enhance the security and efficiency of payment systems in Africa.
Dr. Mohammed Amin Adam says safe, secure, and efficient payment systems are very crucial in enhancing the much-touted intra-African trade, especially in the context of the African Continental Free Trade Area.
Speaking on behalf of Africa at the African Caucus Meeting with the President of the World Bank, Ghana’s Minister for Finance appealed that there is an urgent need for a strategic improvement in Africa’s financial infrastructure to be safeguarded in the face of rising digital threats and increasing demand for cross-border transactions.
The Minister told the President of the World Bank that Africa needs the assistance of the Bretton Woods Institution to protect its financial sector payment systems from cyber attacks, fraud, and money laundering.
“We request technical assistance to enhance security protocols and cybersecurity measures to prevent fraud, money laundering and other related cyber threats and to build institutional and technical capacities across the continent to secure robust and resilient payment solutions,” Dr. Mohammed Amin Adam appealed on behalf of the African Caucus.
The African Caucus through Ghana’s Finance Minister, also appealed for the deployment of innovative financial mechanisms, such as guarantees and blended finance, to reduce risks and attract private capital investments in Africa’s payment infrastructure.
He noted that improving these systems would not only streamline transactions but also open up opportunities for interoperability and data analytics, crucial tools for modernizing the continent’s financial landscape.
The Finance Minister’s plea is seen as a critical step towards driving Africa’s financial sector into the future. His call for cross-border transaction improvements aligns with the African Continental Free Trade Area (AfCFTA) initiative, which aims to facilitate easier trade among African nations, ensuring faster, safer, and more cost-effective payments between businesses and individuals.
If granted, the technical assistance and enhanced security protocols could dramatically reshape Africa’s financial landscape, positioning the continent as a leader in secure and innovative digital finance.
