Ghana, Rwanda, Nigeria test new cross-border digital payment systems

Speaking at a high-level event yesterday on digital innovations in payments during the annual meetings of the International Monetary Fund (IMF)/World Bank in Bangkok, Thailand, the Governor of BoG, Dr Johnson Pandit Asiama, stated that cross-border payments in Africa still cost more than eight per cent, as many transactions continued to pass through correspondent banks outside the continent.

The Bank of Ghana (BoG) has started testing cross-border digital payment systems with Rwanda and Nigeria to reduce transaction costs and improve payment interoperability across Africa.

The Governor added that the BoG was ready to share its experience in interoperability, licence passporting and financial sector cybersecurity to support a safe, efficient, resilient and inclusive African payment ecosystem.