Bank of Ghana pilots cross-border digital payments with Rwanda and Nigeria

The Bank of Ghana (BoG) has commenced pilot testing of a new cross-border digital payment system in collaboration with Rwanda and Nigeria. This initiative focuses on achieving interoperability between various financial instruments, including central bank digital currencies (CBDCs), stablecoins, traditional bank accounts, and mobile wallets. By facilitating these connections, the central bank aims to streamline trade and financial transfers across African borders without the need for traditional intermediary banks located outside the continent.

Announcing the project during the IMF and World Bank Group annual meetings in Bangkok, BoG Governor Dr. Johnson Pandit Asiama highlighted the urgent need to lower the cost of transactions within Africa. Currently, cross-border payment costs on the continent frequently exceed eight percent, largely due to a heavy reliance on correspondent banks in Europe and North America. The pilot project intends to leverage existing infrastructure, such as the Pan-African Payment and Settlement System (PAPSS), while extending its reach to include mobile wallets, which are essential for financial inclusion in the region.

Dr. Asiama emphasized that modernizing financial systems in Sub-Saharan Africa requires common standards and streamlined licensing for fintech companies to foster regional cooperation. He noted that Ghana’s digital financial landscape is growing rapidly, with mobile money transactions surpassing one billion in August 2026 alone. To support this growth, the Governor advocated for stronger regulatory collaboration among African nations to reduce barriers for businesses operating across multiple jurisdictions.

While the pilot marks a significant step toward seamless continental trade, the central bank is also prioritizing cybersecurity and fraud prevention. Dr. Asiama pointed to a 48% increase in fraud cases reported in 2025, primarily targeting payment service providers, as a critical area for improvement. The ultimate goal of the current testing phase is to transition these digital payment solutions into live, permanent services that will enhance efficiency for traders and mobile money users across the participating nations.