The Chief Commercial Operations Officer of ATricA MobileMoney, Mr. Abdul Razak Issaka Ali, has cautioned that persistent regulatory hesitation is stalling Ghana’s push to enable seamless cross-border mobile money transactions across West Africa.
Speaking at a high-level panel on “From Exclusion to Inclusion, Digital Public Infrastructure and Inclusive Development in Africa” at the WAMECA 2025 Conference in Accra, Issaka Ali said that despite years of dialogue and pilot projects, Ghana’s cross-border payment agenda remains stuck in “a loop of caution and bureaucracy.”
He explained that although the government and the Bank of Ghana (BoG) have repeatedly championed regional payment integration, uncertainty about regulatory frameworks continues to slow private sector innovation.
“It’s currently not clear whether government wants to move forward with cross-border mobile money solutions or not,” he said. “We need a clearer direction. The enabling environment must allow innovation within a controlled space not kill innovation entirely.”
Issaka Ali urged the BoG to embrace, rather than fear, financial technology innovations, especially those that enhance financial inclusion and regional trade.
He noted that East Africa’s experience, particularly with M-Pesa’s interoperability across Kenya, Tanzania, and Uganda, shows that regulatory agility can turn innovation into a tool for economic transformation.
Sandbox Progress, but Slow Movement
The MoMo executive’s comments come as the Bank of Ghana continues to operate its regulatory sandbox programme, which allows fintechs to safely test new digital financial solutions.
One of the most promising of these is BrijX, a business-to-business (B2B) currency swap platform developed by Brij Fintech Ghana, a licensed Payment Service Provider (PSP).
Approved in 2024 and currently undergoing live testing, the BrijX pilot enables direct cedi-naira swaps without relying on traditional forex markets or physical fund transfers, a breakthrough expected to reduce remittance costs and improve settlement efficiency between Ghana and Nigeria.
The BoG has also introduced strict transaction limits and participation controls to maintain the pilot’s integrity, integrating Anti-Money Laundering (AML) and Know Your Customer (KYC) safeguards.
“The sandbox was designed precisely to let us test, learn, and grow safely,” he said. “We cannot stay in test mode forever. The existing controls should give regulators confidence to move faster, not slower.”
A Call for Boldness and Policy Clarity
Issaka Ali argued that Ghana is well-positioned to become a fintech hub for West Africa, but only if regulatory bodies and government institutions demonstrate boldness and clarity.
“If we get this right, Ghana can become a digital payments connector for the sub-region,” he asserted. “But that requires decisive leadership from the central bank and the government.”
He emphasised that clear rules and transparent timelines would encourage private investment and accelerate the adoption of cross-border digital payment systems, a key step toward realizing the African Continental Free Trade Area (AfCFTA)’s goal of regional financial integration.
He further acknowledged that digital finance innovations come with risks, including capital flow disruptions, data breaches, and potential misuse, but insisted these should be mitigated through regulation and supervision, not inaction.
The BoG has been urged to leverage Digital Public Infrastructure (DPI), including interoperable payment systems, digital identity, and secure data-sharing frameworks, to create a regional ecosystem that balances innovation with consumer protection.
“We must not let fear of new technology hold us back,” he urged. “Innovation thrives under smart regulation, not regulatory paralysis.”
Industry experts at the conference agreed that as Ghana’s fintech ecosystem matures, policy predictability and public-private collaboration will be critical to unlocking its next phase of growth.
For Issaka Ali, the success of controlled experiments like BrijX could mark the start of a new era of regional financial connectivity, linking traders, remittance senders, and consumers across borders in real time.
“The real test is not whether we can eliminate every risk, but whether we can lead confidently and responsibly into the digital future,” he added.
