There
is
the
need
for
collective
action
on
the
implementation
of
cross-border
mobile
money
interoperability
to
accelerate
business
and
trade
across
the
continent,
Judith
Adumua-Bossman,
Mobile
Financial
Services
Manager,
Telecel
Ghana,
has
said.
Speaking
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
&
Sell
Across
Africa’
held
in
Accra
on
Friday,
she
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,”
MrsAdumua-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.
MrsAdumua-Bossman
argued
that
the
current
challenges
facing
mobile
money
interoperability,
including
fraud
incidents
and
reversal
resolution,
can
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.
MrsAdumua-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.
The
remarks
resonated
with
experts
and
speakers
at
the
symposium,
many
of
whom
agreed
that
cross-border
interoperability
has
the
potential
to
significantly
boost
intra-African
trade,
empower
small
and
medium-sized
businesses,
and
accelerate
financial
inclusion
across
the
continent.
MrsAdumua-Bossman
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.
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.
STORIES:
KINGSLEY
ASARE