Africa's payment future in your pocket

With the rapid growth of digital wallets and mobile payments in Africa, the continent is experiencing a significant transformation in the way financial transactions are conducted. CNBC Africa's Akinkunmi Obakeye recently sat down with Antoinette Kwofie, CFO of MTN Ghana, to delve into the impact of mobile payments on the African economy. Kwofie emphasized the importance of providing infrastructure for the continent to support integrated trading activities, particularly under the African Continental Free Trade Area Initiative. During their conversation, Kwofie shared a compelling success story of a young entrepreneur named Aman, who utilized a mobile money wallet to establish a fashion online shop and expand her business across multiple African countries. Aman's journey exemplifies the power of financial inclusion and the opportunities it can create for individuals in Africa. As Kwofie noted, more than 70% of Africa's population is under 30 years old, making the continent a fertile ground for digital innovation and mobile payment adoption. MTN, a leading telecommunications company in Africa, has been at the forefront of driving financial inclusion with over 72 million mobile money customers across the continent. By providing individuals with access to mobile payment platforms, MTN is enabling them to participate in the digital economy and build a sustainable lifestyle around their wallets. Kwofie highlighted the importance of collaboration and interoperability in ensuring seamless cross-border transactions, citing ongoing efforts to work with central banks and fintech partners to facilitate currency conversions and enhance convertibility across African markets. The concept of interoperability, which allows users to transact across different platforms and currencies, is key to unlocking the full potential of mobile payments in Africa. Kwofie expressed optimism about the future of digital and financial inclusion on the continent, emphasizing the transformative impact it can have on people's lives. By promoting a shared vision of OneAfrica and fostering mutual benefits for all stakeholders, MTN is dedicated to driving the future of mobile payments and empowering individuals to participate in a truly interconnected economy. As Africa continues to embrace the digital revolution and leverage mobile technology for financial services, the possibilities for economic growth and development are vast. Through strategic partnerships, regulatory support, and a commitment to innovation, companies like MTN are paving the way for a more inclusive and prosperous future for all Africans.