The Finance Minister, Dr. Mohammed Amin Adam, has identified a unified intra-continental payment system as essential for advancing intra-African trade.
He said such a system is crucial for ensuring financial inclusion and harmonized trade routes, vital components for the successful implementation of the African Continental Free Trade Area (AfCFTA).
Addressing delegates at the African Caucus Meeting with the World Bank President, Dr. Mohammed Amin Adam, highlighted the role of a unified payment system in driving Africa’s trade ambitions.
He explained that a seamless payment structure is essential for boosting intra-African trade and promoting financial inclusion across the continent. This, in turn, he noted, will reduce poverty by ensuring that financial services and opportunities reach everyone, particularly those in underserved and vulnerable communities.
“We’ve identified an effective and unified intra-continental payment system as one of the imperatives of intra-African trade. We recognize that financial inclusion and harmonized trade routes are necessary to ensure an inclusive African Continental Free Trade Area implementation, leaving no country or individual behind,” he stated.
The minister also highlighted the importance of investing in infrastructure and technology as essential to building a resilient payment ecosystem.
He posited that the development of robust ICT infrastructure, incorporating advanced technologies such as artificial intelligence and digital platforms, will be key to ensuring that all Africans have access to financial services, regardless of their location or economic status.
This investment in technology, he emphasized, is essential for creating a more inclusive and accessible financial ecosystem across the continent. He urged for significant investments in these areas to ensure financial services are accessible to all Africans.
“Quality ICT infrastructure, including artificial intelligence and digital platforms, will enable universal access to financial services for all Africans,” he stated
Moreover, recognizing the increasing risks associated with digital financial platforms, Dr. Amin pointed out the need to prioritize cybersecurity. He called for technical assistance from global institutions to strengthen security protocols and safeguard against threats such as fraud and money laundering.
The Finance Minister also acknowledged the progress made by the World Bank in supporting Africa’s financial systems and called for continued collaboration to build on these advancements.
He further urged regional financial intermediaries to partner with the World Bank in identifying gaps within the continent’s payment infrastructure and to work towards developing a comprehensive roadmap for its seamless integration.
Source:thehighstreetjournal.com