CEO of Telecel Ghana, Patricia Obo-Nai, has called on African governments, telecommunications companies and financial service providers to join forces to address the challenges that hinder the transition to a cash society and improved cross-border transactions. The appeal was made during her speech at the 2024 Africa Prosperity Dialogue held in Aburi.
Mobile wallet interoperability: A shared responsibility
At the heart of Ms Obo-Nai’s message was the importance of collaborative efforts between regulators, telcos, banks and fintechs. He emphasized the need for common ownership in order to achieve cross-border interoperability of mobile wallets. The integration of financial technology, he argued, is paramount to reducing costs for consumers and enhancing financial inclusion. Citing the case of a ‘Kayayei’ struggling with cross-border remittances, Mrs Obo-Nai highlighted the urgent need to expand mobile phone services globally.
Data security and privacy: Priority
In her speech, the CEO of Telecel Ghana also turned the spotlight on data security and privacy. He emphasized the need for these issues to be at the forefront of regulatory priorities. This, he believes, will guarantee the security of consumers’ financial data, thereby enhancing their trust in digital financial services.
Telecel’s investment in Ghana’s telecommunications industry
The sponsor of the event, Telecel Group, through Group Chairman Nicolas Bourg, has confirmed Telecel’s commitment to the Ghanaian telecommunications industry following the acquisition of a 70% stake in Ghana Telecommunication Company Limited (GTCL). Mr Bourg expressed optimism about the investment’s potential to boost economic growth, detailing Telecel’s vision for a cash-lite approach that encourages unrestricted trade and financial exchange across Africa.
The Africa Prosperity Dialogue served as a platform for various stakeholders to discuss how to translate the goals of the African Continental Free Trade Area (AfCFTA) into actionable strategies and address trade barriers within the continent. With Telecel’s commitment and Ms. Obo-Nai’s call for collective action, there is renewed hope for a seamless and secure financial system that promotes prosperity across Africa.