Dr Zakari Mumuni, First Deputy Governor of the Bank of Ghana, has warned that fragmented payment systems remain a major obstacle to Africa’s quest for a fully integrated digital financial ecosystem.
He said the continent’s ambition to build a seamless and inclusive digital finance architecture would remain difficult to achieve unless urgent steps are taken to bridge disconnects within and across national systems.
Delivering the closing keynote at the 3i Africa Summit 2026 in Accra, Dr Mumuni acknowledged that Africa had made notable strides in financial innovation.
However, he stressed that many of these systems continue to operate in isolation, limiting their overall impact.
The summit brought together policymakers, regulators, fintech firms, and development partners to explore strategies for accelerating digital transformation and strengthening financial integration across the continent.
“Fragmentation remains our biggest constraint,” Dr Mumuni stated, pointing to disconnected payment platforms, inconsistent regulatory frameworks, and limited interoperability as key challenges slowing progress.
He noted that Africa already has strong building blocks for digital finance, including mobile money services, instant payment platforms, agent banking networks, and government-backed digital transfer programmes. Despite these gains, he emphasised that the core challenge lies in scaling these solutions beyond national borders.
“The task before us is not invention, but scale—connecting systems, harmonising standards, and enabling seamless cross-border transactions,” he said.
Dr Mumuni explained that the persistence of fragmented financial systems continues to restrict cross-border capital flows, weaken regional trade, and slow progress toward a unified digital market across Africa.
He cautioned that without deliberate coordination among governments, regulators, and financial institutions, these gaps could widen further, undermining the continent’s integration agenda.
“Without coordinated action, the vision of a single digital financial market will remain out of reach,” he added.
The Deputy Governor underscored the critical role of leadership in addressing these challenges, noting that market forces alone would not deliver the required transformation.
He called on governments, central banks, and regulatory bodies to take a more proactive role in shaping a cohesive financial ecosystem.
According to him, clear policy direction and stronger institutional collaboration are essential to achieving interoperability and building trust within the system.
He outlined key actions needed to address fragmentation, including strengthening digital public infrastructure, aligning regulatory frameworks, and promoting cross-border partnerships that extend beyond pilot programmes.
“We must build integrated systems, not isolated silos, by investing in infrastructure, enhancing supervision, and developing the skills needed to sustain a continent-wide financial ecosystem,” he said.
Dr Mumuni also urged stakeholders to shift focus from dialogue to execution, stressing the importance of scaling proven solutions and committing to clear implementation timelines.
“We must move beyond pilot projects and scale what works,” he emphasised.
He further warned that failure to resolve fragmentation could expose financial systems to risks such as cybersecurity threats, data misuse, and market imbalances, which could erode confidence in digital finance.
The Deputy Governor highlighted the importance of inclusivity, stressing that integration efforts must deliver tangible benefits to individuals and businesses across the continent.
“We must ensure that integration translates into real inclusion, not just promises,” he said.
Dr Mumuni called on stakeholders to sustain momentum beyond the summit and translate commitments into measurable actions that will reshape Africa’s financial landscape and unlock its full economic potential.
