Instant payment systems and building digital inclusivity in Africa has cost and efficiency benefits but many issues still need to be tackled to build trust among consumers, speakers said at a panel discussion held during the 2025 Conference of African Finance Ministers.

“Cross-border payment systems can be a game-changer in advancing the AfCFTA. They accelerate the time and reduce the cost of doing a transaction and address perennial foreign exchange constraints,” said Hanan Morsey, Deputy Executive Secretary (Programmes) and Chief Economist, ECA.

But many issues need to be addressed on this journey, she said. These include putting in place supportive regulations, looking at issues of digital infrastructure and interoperability and ensuring data privacy and safeguarding information.

“This goes beyond the central bank of one country and to how we can have that oversight at a continental level.”

“We also need to look at digital public infrastructure and see what we need from a cross-border perspective, and how to bring down costs of the internet to improve access.”