Ghana, Rwanda, and Singapore Team Up to Simplify African Payments
Ghana, Rwanda, and Singapore have launched a digital payments system to simplify and lower the cost of cross-border money transfers across Africa.
The initiative, dubbed the Next-Gen Digital Payment Infrastructure, was previously known as Project 54. It is a collaboration between the Bank of Ghana, the National Bank of Rwanda, and Singapore’s Global Financial Technology Network, spearheaded by the Monetary Authority of Singapore.
Officially introduced during the 3i Africa Summit 2025 in Accra, the system seeks to improve financial interoperability across African nations by enabling near-instant, low-cost transactions without relying on Western currencies or correspondent banks, which have historically driven up fees.
Bank of Ghana Governor Johnson Asiama said the project was designed to modernize Africa’s fragmented payment landscape.
“This initiative aims to modernise Africa’s cross-border payment ecosystem through a central bank-led, innovation-enabled approach co-developed with fintechs and financial institutions.”
With intra-African trade comprising only 15% of the continent’s total commerce in 2023, compared to 60% in Asia and 70% in the EU, the new infrastructure aims to address one of the key bottlenecks hindering economic integration: high transaction fees and slow settlement times.
Rwanda’s central bank chief, John Rwangombwa, echoed these sentiments, emphasizing that the system would support financial resilience and economic empowerment across borders.
“This project is designed to challenge this narrative by creating a system that facilitates instant, low-cost, and secure payments across African borders. This initiative is not just about the technology; it is about economic empowerment, financial resilience, and ensuring that Africa’s digital economy is built on an infrastructure that meets the needs of businesses and individuals alike.”
Sub-Saharan Africa is already a global leader in mobile money, processing $1.1 trillion in value last year, according to GSMA. Asiama said the new platform builds on this momentum, offering startups and fintechs a foundational layer to innovate and build on.
However, challenges remain. Rwanda’s Deputy Central Bank Governor Justin Nsengiyumva noted the need for continued investment in economic research, data protection, and cybersecurity to ensure long-term success.
“In this rapidly evolving environment, economic research becomes indispensable, Nsengiyumva stated. “Challenges such as ensuring data protection and privacy, strengthening cybersecurity, achieving seamless interoperability, and designing regulatory frameworks that balance innovation and system stability must continue to be addressed.”