The African Union has endorsed Ghana President Nana Akufo-Addo's plan to expand mobile money interoperability across Africa as a critical step toward increasing economic integration and trade.

President Akufo-Addo presented his plan for expanded mobile money use across the continent at Ghana's recent AU Mid-Year Coordinating Conference in Accra.

In his capacity as the AU Champion for Financial Institutions, the Ghanaian leader delivered two comprehensive reports stressing the urgent need for the development of an AU Financial Institution and the expansion of mobile money interoperability.

He reminded the AU delegations that mobile money was the perfect key to improving trade among member nations and creating the single market, which is also being promoted under the African Continental Free Trade Agreement.

The success of fintech companies such as M-PESA in Kenya and Ecocash in Zimbabwe demonstrates the value of mobile money as a technology tool for financial inclusion.

Mobile providers throughout the continent have also been expanding into the financial services sector in recent years in order to reach the unbanked and simplify transactions.

President Akufo-Addo hailed mobile money interoperability as the catalyst that would realise the dream of the AU founders of creating a prosperous continent.

“By championing interoperability, we are taking a decisive step towards realising the Africa that our freedom fighters dreamed of, which today is in our hands to bring about a prosperous, integrated, and globally competitive continent,” he said.

The AU plans to achieve mobile money interoperability by 2027. This effort is intended to promote cross-border mobile transactions and establish a regulatory framework for mobile money operations.

President Akufo-Addo underlined its relevance for financial inclusion, particularly for vulnerable groups, as well as its ability to offer work possibilities for young people.

“Our continent is home to a vibrant market of nearly 1.4 billion people, with the majority being the youth; what they call Generation Z, with the Alpha Generation in tow…It is in our collective interest as today’s leaders to offer the youth of our continent the freedom to express their creativity economically and without border constraints and earn from their enterprise,” he said.