Africa Prosperity Dialogues fronts digital payments
Countries within Africa have been urged to accelerate financial technology integration in a bid to grow payment systems for the continent in a move out to deepen trade. CNBC Africa spoke to Sarata Kone Thiam, Regional CEO: West Africa, UBA on the side-lines of the Africa Prosperity Dialogues forum.
Fri, 31 Jan 2025 16:13:42 GMT
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AI Generated Summary
- Importance of interconnectivity among African nations for unity and growth
- Significance of instant payment solutions in enhancing intra-continental trade
- Role of AI in driving innovation and connectivity within Africa
Countries within Africa have been urged to accelerate financial technology integration in a bid to grow payment systems for the continent in a move out to deepen trade. CNBC Africa spoke to Sarata Kone Thiam for more on the side-lines of the ongoing Africa Prosperity Dialogues forum in Accra, Ghana. Thiam, the Regional CEO: West Africa for UBA, emphasized the importance of interconnectivity within the continent to foster a sense of unity among African countries. 'We are a Pan-African bank and we are definitely focusing on making sure that all our countries are interconnected and all our customers within those countries feel like they are part of one tribe,' Thiam stated. She highlighted the need to move beyond policy discussions and actively work towards execution of plans for digital payment integration. Thiam stressed the significance of instant payment solutions for enhancing intra-continental trade, thereby reducing the reliance on external sources for purchases. The interview also delved into the role of institutions like PAPS in partnership with African banks and development institutions in driving the digital and fintech revolution on the continent. Thiam expressed the view that artificial intelligence (AI) is a crucial tool in fast-tracking innovation and connectivity within Africa. She outlined the importance of building upon existing regional monetary unions and economic unions to facilitate a gradual integration towards a continent-wide payment system. UBA's role in this transformative process was highlighted, emphasizing the bank's active participation in initiatives aimed at advancing financial technology and fostering economic growth across Africa. Thiam underscored the collaborative approach adopted by UBA in partnership with various stakeholders to drive the digitization of payment systems and ensure inclusivity for all countries in Africa. Overall, the conversation underscored the strategic imperative for African nations to embrace digital payments as a catalyst for enhancing trade and economic prosperity within the continent.