Telecel urges bold action on cross-border mobile money interoperability
MOBILE Financial Services Manager of Telecel Ghana, Judith Adumua-Bossman, has called for collective action on the implementation of cross-border mobile money interoperability to accelerate business and trade across the continent.
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Delivering an address on the readiness of telcos for cross-border interoperability at the Africa Prosperity Network’s Symposium on ‘Scaling Up Interoperability: Using Mobile Money to Buy and Sell Across Africa,’ Mrs Adumua-Bossman emphasised the need for telcos, banks and FinTech firms to work collaboratively and take concrete steps towards cross-border mobile money transactions.
“The next step in mobile money interoperability is to facilitate seamless and convenient cross-border transactions for our customers who are demanding for this service to increase and expand their trade and businesses,” Mrs Adumua-Bossman said.
The symposium convened key players in the finance, trade and governance sectors to discuss the critical role of mobile money interoperability in unlocking Africa's economic potential.
Interoperability challenges
Mrs Adumua-Bossman argued that the current challenges facing mobile money interoperability including fraud incidents and reversal resolution could be tackled with more security controls on authentication, increase in customer education and faster standardised complaint resolution timeframe to help strengthen the roll-out of cross-border payments across the continent.
"The potential benefits of interoperability across borders in Africa are too significant to ignore. It’s about time we worked collaboratively with regulators and financial institutions across Africa to develop harmonised frameworks and protocols that enable seamless cross-border transactions,” she said.
Mrs Adumua-Bossman reiterated Telecel Ghana's commitment to interoperability, citing ongoing discussions with regional partners and participation in industry-wide initiatives focused on cross-border payments to help promote trade for customers.
She called for more investment into partnerships to make mobile money interoperability on the continent the next goal for the financial sector.
“Cross-border mobile money interoperability is a necessity for Africa's economic growth. We need to invest in the right partnerships and collaborations, along with the needed regulatory support, to enable seamless transactions across Africa," she added.
Symposium
The Africa Prosperity Network’s Symposium, which was supported by Telecel Ghana, has set the stage for a crucial regional conversation on interoperable financial solutions that will pave the way for a more integrated and financially inclusive future for Africa.