At the French Digital June forum hosted by the Chamber of Commerce and Industry of France Ghana (CCIFG) at the Best Western Premier Hotel on Tuesday, June 6, KPMG engaged stakeholders on key developments of the digital payment system in Africa with emphasis on Ghanaian markets by looking at its impact and challenges to the economy.

The forum considered how these trends are impacting on the payments sector on the continent by reflecting on the latest Financial Technology trends and developments, key investments made and emerging technologies in the digital payments ecosystem.

Speaking in an interview with www.ghanaweb.com, KPMG Partner and Head of Risk Consulting; Andrew Akoto indicated that the findings are expected to assist both private and public organisations to identify opportunities and respond to the payments transformation occurring in the economy.

He emphasised that in order for Africa and West Africa Monetary Union to become a significant partner in expanding the global economy, consumers, small and medium-sized enterprises and large corporations must be able to effect payments efficiently and safely.

He said it is critical that African government facilitate enabling regulatory frameworks and environment to improve payment systems capabilities in order to enhance trade.

Andrew Akoto supports the notion that Mobile Money could be one of the key innovations to drive financial inclusion in Africa especially in Ghana. However, several factors may be limiting its wider adoption, which includes lack of interoperability, challenges within telecommunication networks and concerns regarding security and fraud.

According to him, he believes that the forum will provide financial institutions, regulators, investors and consumers with deep insight into current trends and challenges in Africa’s payments sector.

With insights based on KPMG’s broad regional and local experience, extensive knowledge and understanding of payment reforms, strategy and innovation in Africa, Mr. Akoto anticipates that this edition of payment developments in Africa will convey new ideas and act as a driver for ongoing change in Africa’s payment markets.