No need for single currency in Africa, MoMo interoperability the best option – Bawumia

Vice President Dr. Mahamudu Bawumia has proposed a shift from pursuing a single African currency to focusing on interconnected payment platforms, particularly interoperable mobile money services, to bridge the financial divide and boost intra-African trade.

He argues that Africa's inability to meet economic convergence criteria for a common currency highlights the need for financial interoperability systems.

Dr. Bawumia suggests that interoperable mobile money can serve as a common currency, enhancing seamless cross-border trade. Speaking at the Continental Mobile Interoperability Symposium in Accra, he emphasized moving from macro-economic to digital payment convergence criteria.

Bank of Ghana Governor Dr. Ernest Addison stressed the importance of a harmonized regulatory framework for financial inclusion and inter-trade in Africa.