National Bank of Rwanda Governor Soraya Hakuziyaremye has joined fellow African central bank governors in calling for faster, cheaper and more secure cross-border payments, as the continent seeks to connect its expanding digital financial infrastructure.
The discussions took place on the sidelines of the 2026 IMF and World Bank Annual Meetings in Bangkok, Thailand, focusing on payment interoperability, financial inclusion and regional economic integration.
The central message was that Africa should prioritise connecting and scaling existing domestic payment systems rather than developing more isolated platforms.
Despite the rapid expansion of mobile money, transferring funds between African countries can still involve high fees, currency conversion costs and settlement delays.
The challenge is particularly significant for small businesses, cross-border traders and digital service providers seeking to reach customers beyond their domestic markets.
One initiative addressing these barriers is the Pan-African Payment and Settlement System (PAPSS), which aims to facilitate cross-border transactions in African currencies and reduce dependence on international intermediary arrangements.
According to the World Bank’s Global Findex 2025 report, 40% of adults in Sub-Saharan Africa had mobile money accounts in 2024, up from 27% in 2021. Overall financial account ownership reached 58%, compared with 49% in 2021.
The GSMA also reported that mobile money transactions worldwide exceeded $2 trillion in 2025, demonstrating the growing importance of digital payments to businesses and households.
Meanwhile, regional integration is advancing through PAPSS. In July 2026, the Bank of Central African States joined the system, extending its reach to the 6 countries of the Central African Economic and Monetary Community.
For Rwanda, improved interoperability could help businesses receive payments from customers in neighbouring countries more efficiently while supporting regional trade under the African Continental Free Trade Area.
The Bangkok discussions highlighted the need to connect existing systems, strengthen cybersecurity and consumer protection, and ensure that Africa’s digital payments revolution delivers practical benefits across borders.
