Mobile money gives Africa head start in tokenised payment adoption

Regulators in Africa are developing rules for stablecoins and other digital assets in Ghana, Mauritius, and Uganda. Stablecoins are digital tokens designed to maintain value against national currencies, unlike volatile cryptocurrencies like Bitcoin. This shift is prompting regulators to collaborate on shared standards, testing, and licensing for firms operating across borders. Stablecoins are increasingly used for cross-border payments, where traditional bank transfers are slow, costly, and inaccessible. Africa’s mobile money ecosystem, with over 1.2 billion registered accounts and 347 million active users, is seen as a head start in adopting tokenized finance. Mobile money services processed over $2 trillion globally in 2025, with Africa accounting for 65% of the transaction value. Ripple’s Abdallah Mukalled notes that Africa’s fintech leadership is well-positioned for stablecoin adoption, as digitally native wallets are already common. Companies like Yellow Card leverage stablecoins for cross-border payments, treasury management, and remittances, though demand is growing from businesses and banks. The Bank of Ghana and Mauritius are introducing distinct licensing frameworks for stablecoins, while Uganda’s Virtual Assets Service Providers Bill aims to align with broader crypto regulations. Experts warn that stablecoin adoption must ensure accessibility for the unbanked, avoiding reliance on costly infrastructure like bank accounts or identity checks. The Bank of Ghana is considering separate licensing for cedi-pegged and dollar-pegged stablecoins. Mauritius’ guidance note focuses on reserves, redemption rights, and transparency. Ghana and Rwanda have signed a fintech passporting deal, with regulators emphasizing trust-building through shared data. The UN Economic Commission for Africa highlights the need to integrate stablecoins with Africa’s regional trade plans, including the African Continental Free Trade Area and PAPSS. The article underscores the potential of stablecoins to enhance cross-border payments but stresses the importance of regulatory clarity and inclusive design to avoid excluding underserved populations.