President Nana Addo Dankwa Akufo-Addo’s vision for a continent-wide financial institution and the acceleration of mobile money interoperability across the continent has been endorsed by the African Union.
According to the report by Daily Graphic on Monday, the adoption came during the AU Mid-Year Coordination meeting held in Accra last week and that it signals a major step towards enhancing financial inclusion and economic integration across Africa.
It added that President Akufo-Addo, who serves as the AU Champion for Financial Institutions, presented two comprehensive reports outlining his vision.
The report said that the proposals, focusing on the establishment of an AU financial institution and the scaling up of mobile money interoperability, received overwhelming support and applause from attending delegates.
This vision, according to the report, aims to address financial exclusion among Africa’s most vulnerable populations.
The proposed AU financial institution is designed to facilitate cross-border transactions and investments, which are expected to significantly boost intra-African trade and contribute to the continent’s economic growth.
The AU’s endorsement marks the beginning of a collaborative effort to transform Africa’s financial ecosystem, with the goal of fostering a more integrated and prosperous continent.
“This financial institution is anticipated to be operational within the next five years, serving as a unified platform for financial activities across the continent, providing a much-needed boost to Africa’s economic infrastructure.
“In addition to the financial institution, the AU’s commitment to scaling up mobile money interoperability stands to revolutionise how Africans conduct business,” the report added.
GIK/APA
President Akufo-Addo’s continent-wide interoperability adopted by AU
