CEO of Telecel Ghana, Patricia Obo-Nai, has called on African governments, telecommunications companies and financial service providers to remove obstacles hindering progress towards a cash society and improved cross-border transactions.
Speaking at the Africa Prosperity Dialogue 2024 at Aburi’s Peduase Presidential Pavilion, Patricia Obo-Nai stressed that shared ownership between African regulators, telcos, banks and fintechs is needed to make cross-border interoperability of mobile wallets a reality.
Her call was echoed in talks at the two-day summit, which focused on “Developing Prosperity in Africa: Production, Value Addition and Trade” and aimed at addressing ongoing trade barriers in the African market.
“This prompts us to delve into the realm of financial technology solutions, a thought we have actively explored at Telecel.
“Our goal is to mitigate fees and costs for our consumers as we navigate this financial landscape, fostering greater financial inclusion and accessibility for a broader segment of the population,” he added.
In a powerful narrative, Patricia shared the story of a ‘Kayayei’ from another African nation working in Ghana, highlighting the challenges of cross-border remittances and cumbersome cash transactions.
He stressed the need to expand the benefits of mobile money globally, praising Ghana’s progress in mobile finance.
Patricia also addressed data security and privacy concerns, urging prioritization of regulatory priorities.
Acknowledging the developments of mobile operators, he emphasized the need for universally accepted frameworks, cooperation to address issues such as interoperability and cyber security for seamless cross-border transactions.
At the closing dinner of the event, which was sponsored by the Telcel Group, the current majority shareholders of Ghana Telecommunication Company Limited (GTCL), Nicolas Bourg, Chairman of the Telecel Group, passionately highlighted Telecel’s central role as an emerging industry leader of Ghana Telecom. .
Underscoring the company’s unwavering confidence in the country’s appeal to foreign investors, Mr Bourg highlighted the importance of its recent acquisition of Telecel, securing a whopping 70% stake.
This strategic move is poised to catalyze transformative benefits for Ghana’s telecommunications landscape, positioning Telecel as a formidable competitor in the competitive arena.
Acknowledging the significant investment required to revive operations, Mr. Bourg expressed optimism that this infusion of resources would not only revitalize the telecommunications sector but also spur economic growth.
The commitment to infuse capital into key infrastructure reflects Telecel’s commitment to building a strong platform for mobile phone users across Africa.
“Our vision extends beyond traditional boundaries, aiming to promote seamless interaction, facilitate limitless trade and enable the frictionless exchange of money and services across the continent through our innovative cash-lite approach.
“With this multi-pronged strategy, Telecel is poised to make a significant contribution to the growth and prosperity of both the telecommunications industry and the wider economy of Ghana and beyond,” he said.
The Africa Prosperity Dialogue brought together heads of state, industry leaders, civil society representatives and academics with a common goal: to turn the goals of the African Continental Free Trade Area (AfCFTA) into practical strategies.
It also included talks to create a unified African market by removing historical trade barriers that hinder the continent’s economic progress.
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