{"id":19911,"date":"2024-07-08T13:38:04","date_gmt":"2024-07-08T13:38:04","guid":{"rendered":"https:\/\/sotnews.agency\/?p=19911"},"modified":"2024-07-08T15:56:30","modified_gmt":"2024-07-08T15:56:30","slug":"bawumia-proposes-continental-mobile-money-interoperability-system-as-alternative-to-common-currency","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=19911","title":{"rendered":"Bawumia proposes continental mobile money interoperability system as alternative to common currency"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 19 Second <\/div>\n\n <\/div>

Vice President and Flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has proposed the adoption of mobile money as a common payment system in Africa in order to address trade barriers and other financial challenges on the African continent.<\/p>\n

Addressing African participants at an Interoperability Symposium in Accra, organised by Africa Prosperity Network (APN) on Friday, Dr. Bawumia pointed out age-long challenges associated with inter-African trade, such as low rate of trading among Africans, low export rate, difficult and slow payment system, pressure on foreign exchange, among others.<\/p>\n

To address these, Dr. Bawumia proposed the adoption of a mobile money Interoperability payment system for Africa, which he said would be seamless and boost trade among Africans.<\/p>\n

\u201cTrade payments and relationships are currently hampered by inadequate settlement systems, which result in high costs, limited access, slow processing speeds, and a lack of transparency,\u201d he said.<\/p>\n

Dr. Bawumia further stated, \u201cMaking mobile money interoperable across borders (Africa) would allow our citizens to trade seamlessly,\u201d adding that a strong political will is required to make it a reality.<\/p>\n

\u201cWithout political will, it is not likely to be achieved. It takes a lot of effort to bring stakeholders together on a common platform,\u201d he said.<\/p>\n

Later on his Facebook page, Dr. Bawumia further wrote how an African mobile money interoperability payment system will virtually make it a common currency for trade in Africa, without necessarily having to meet all the economic requirements.<\/p>\n

He referenced Ghana\u2019s successful implementation of mobile money interoperability payment system, as a successful case which Africa can learn from.<\/p>\n

Below is what Dr. Bawumia wrote:<\/p>\n

I was the keynote speaker for the opening session of the Africa Prosperity Network Conference held in Accra today. This session of the conference seeks to explore the partnerships and possibilities of intra-Africa continental mobile money interoperability. The theme underscores Ghana\u2019s leading role in ensuring triangular mobile money interoperability that ensures seamless financial transactions across telcos, bank accounts, and e-zwich platforms.<\/p>\n

Ghana\u2019s successful implementation of a comprehensive mobile money interoperability, which is unique on the continent, will become handy as the rest of Africa strives to pursue a similar course.<\/p>\n

For me, having continental mobile money interoperability will ultimately achieve, to a greater extent, the objectives of a common currency without necessarily having a common currency in Africa. We should aim at pursuing this on an incremental basis. This does not require pursuing the elusive macroeconomic convergence criteria by the West African Monetary Zone countries for example but rather the implementation of digital payments convergence criteria. Just a few countries like Ghana, Nigeria and C\u00f4te d\u2019Ivoire can start and we can proceed incrementally.<\/p>\n

The post Bawumia proposes continental mobile money interoperability system as alternative to common currency<\/a> first appeared on 3News<\/a>.<\/p>

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Vice President and Flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has proposed the adoption of mobile money as a common payment system in Africa in order to… <\/p>\n","protected":false},"author":1,"featured_media":20002,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-19911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/19911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19911"}],"version-history":[{"count":1,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/19911\/revisions"}],"predecessor-version":[{"id":20003,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/19911\/revisions\/20003"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/20002"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}