Through a circular presented to the general public, the Ghana International Trade & Finance Conference (GITFiC) and Mowali SAS have signed a Memorandum of Understanding (MOU) to facilitate the rollout of their payment system platform for the attainment of their development goals in Africa.
Mowali SAS (mobile wallet interoperability), which is a joint-venture organization of Orange Group and MTN Group, was borne out of the desire to facilitate the sending of money between mobile accounts issued by any mobile money provider, in real-time and at low cost.
Ghana International Trade & Finance Conference (GITFiC) is a reputed private sector initiative working with the private sector, government sectors in the sub-region, and the continent at large to drive the Continental Free Trade Agreement (CFTA), the broader development agenda of the continent as defined in the A.U.’s Agenda 2063, global trade issues at large, and other trade agreements.
Both companies entered into a strategic collaboration to facilitate the rollout of the payment system for the attainment of their developmental goals in Africa.
This partnership aims at demonstrating the regional bloc’s contributions to the successful rollout of the payment system and the consequent inclusion of national payment systems as a means of implementation.
"We are excited about embarking on this partnership with GITFiC, which will enable the platform to work together in ways to support the expansion of mobile money payments across the continent," said Awa Gueye Ba, CEO of Mowali.
This partnership will bring together over 100 million mobile money accounts and mobile money operations in 22 of sub-Saharan Africa’s 46 markets.
Mowali SAS enables interoperability between digital financial service providers beyond MTN and Orange operations and markets to support the existing 338 million mobile money accounts in Africa.
"GITFIC will conduct a strategic planning exercise with MOWALI SAS to formulate and be the main implementing institution in rolling out the new Cross-Border Payment System in phases to the benefit of financial inclusion across the continent."
The result of this exercise will assist MOWALI SAS with the implementation of its operations and will help identify areas where GITFIC can provide support, "said Selasi Koffi Ackom, Chief Executive Officer of the Ghana International Trade & Finance Conference (GITFiC).
GITFIC’s three thematic basic areas of services, i.e., trade, trade finance, and logistics, are the fundamentals in articulating ways of enhancing intra-African trade, regional integration, trade liberalization, and trade policies and practices of the African continent.
The Chief Executive Officers of both companies, however, advised the general public on the African continent to be supportive and accommodating with both parties in the execution and implementation of this Memorandum of Understanding and the relevant road maps for the benefit of the general trading community on the continent.