The signing of the project, dubbed Africa's Next-Gen Digital Payment Infrastructure, took place on Tuesday, February 25, at the Inclusive Fintech Forum 2025.
Also known as Project 54, the initiative marks a significant step toward integrating Africa's financial ecosystem.
GFTN is a not-for-profit organisation established by the Monetary Authority of Singapore (MAS) in 2024 to expand Singapore's fintech ecosystem globally. Its partnership in the initiative underscores Africa's growing significance in the global digital economy.
Outgoing Central Bank Governor John Rwangombwa participated in the signing ceremony, praising the initiative for its potential to address the high costs and inefficiencies of cross-border transactions, thereby enhancing trade and financial inclusion.
The project was conceived through discussions at key global forums, including the 3i Africa Summit in Accra, the Zurich Point Zero Forum, and the Singapore FinTech Festival.
Recognising Africa's dynamic financial landscape, stakeholders sought to develop a solution that enables seamless cross-border transactions, ultimately benefiting small businesses, entrepreneurs, and financial institutions.
The implementation of Africa's Next-Gen Digital Payment Infrastructure is built on four fundamental pillars, each essential to creating a robust and future-ready financial system.
A strong governance framework is at the core, establishing clear scheme rules, dispute resolution mechanisms, and liability structures. This also includes enhanced local currency settlement models, ensuring stability and reliability across cross-border transactions.
Technology integration and advancement play a pivotal role, with a focus on innovations such as tokenisation and digital currency applications. By embracing these emerging technologies, the initiative aims to future-proof Africa's financial sector and enhance efficiency.
A sustainable pricing model underpins the initiative, promoting financial viability through cost-effective solutions tailored for both high-value and low-value transactions. This ensures accessibility and affordability while maintaining long-term operational stability.
Equally important is the engagement of key stakeholders, including regulators, financial institutions, fintech innovators, and investors. By fostering collaboration, the initiative seeks to build a resilient digital payments ecosystem that aligns with the needs of Africa's evolving financial landscape.
Bank of Ghana Governor Johnson Asiama described the launch as a milestone toward an integrated African capital market, offering new opportunities for entrepreneurs and small businesses.
'The pursuit of a safe, affordable, and efficient cross-border regional payment architecture, backed by a licence passporting framework, represents another significant step forward,' he said.
With Africa's fintech industry projected to generate $40 billion in revenue by 2028, overcoming regulatory and infrastructure challenges remains crucial. Project 54 aims to bridge this gap, unlocking new pathways for inclusive financial growth and positioning Africa at the forefront of global digital payments innovation.
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