Akufo-Addo Vows to Actualize Mobile Money Interoperability Across Africa

President Akufo-Addo has committed to rallying fellow presidents to bring about widespread interoperability for mobile money transactions across the African continent.

Mobile money interoperability facilitates seamless transfers between accounts held with different mobile money service providers. This advancement significantly reduces transaction initiation costs, eliminating the need for third-party payment providers when transferring funds across different networks.

Speaking at the 2024 Africa Prosperity Dialogues (APD) on Saturday, President Akufo-Addo emphasized that achieving interoperability across Africa is feasible with the appropriate political will.

“I intend, with the support of my colleagues, to present the Peduase Compact to the 37th Ordinary Assembly of Heads of State in Addis Ababa in three weeks’ time, just as I did last year,” he declared.

The upcoming AU Summit, scheduled for February 17-18, provides an opportunity for this proposal. Akufo-Addo highlighted the presence of items in the compact, particularly the goal of achieving interoperability, that can be swiftly implemented with sufficient political will.

“I promise, with the support of my colleagues, to take the necessary steps to turn interoperability into a reality within member states,” Akufo-Addo affirmed.