Report on payment development launched
International audit firm KPMG has introduced its second publication on payment developments in Africa to provide financial institutions, regulators, investors and consumers with deep insight into current trends and challenges in Africa’s payment sector.
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Dubbed ‘Payment Developments in Africa’, the report is expected to assist both private and public organisations to identify opportunities and respond to payments transformation occurring in the economy.
It also focused on key payment development trends in Africa with emphasis on the markets in Ghana, Tanzania and the West Africa Monetary Union (WEAMU) considering how these trends have impacted on the payments sector on the continent.
Addressing a gathering at the French Digital June Forum in Accra, the Head of Risk Consulting at KPMG, Mr Andy Akoto, said in order for Africa to become a significant partner in expanding the global economy, consumers, Small and Medium Enterprises (SMEs) and large institutions should be able to effect payments efficiently and safely.
“It is critical that African governments facilitate enabling regulatory frameworks and environment to improve their payment systems’ capabilities in order to enhance trade,” he added.
The report also consists of the latest regulatory updates provided on payment developments in South Africa, Kenya and Nigeria and further reflects the latest financial technology (fintech) trends and developments, key investments made and the emerging technologies in the digital payments ecosystem.
KPMG anticipates that this edition will convey new ideas and act as a driver for ongoing change in Africa’s payments markets.
French Digital June Forum
The forum, organised by the Chamber of Commerce and Industry France Ghana (CCFIG), is aimed at discovering the digital challenges in Ghana along with the French and Ghanaian actors that are providing solutions to expand digital inclusion in Ghana.
The French Ambassador to Ghana, Mr Francois Pujolas, said the event was a digital partnership dedicated to finding key innovative solutions to better digitisation and benefit the economy in Ghana.
“Ghana is a young and dynamic country and should take its full part of the process of digitisation in Africa, and this is why France as a leading nation in digitisation will help to take full part in supporting this process,” he added.
He explained that France’s digital economic activities amounted to more than five per cent of the total gross domestic product (GDP). It employs more than three per cent of its workforce and has nurtured more than 10,000 start-ups in the digital space, so France is a very good partner to aid Ghana in the digitisation journey.
The three-day event would profile key I.T stakeholders to share ideas on creating an improved digitisation platform for the country.
The forum, a part of the ‘French Digital June Event’ organised by the different French institutions operating in Ghana, was created to celebrate the 60th anniversary of diplomatic relations and deepen bilateral collaboration between France and Ghana.