Experts Call for Interlinked Payments to Boost Africa's Cross-Border Trade
African experts push for interlinked payments
Experts are urging African countries to link their instant payment systems to facilitate faster, cheaper, and more accessible cross-border transactions.
Boosting Trade and Remittances
This move is expected to strengthen trade, investment, and remittance flows across the continent. According to a report by the AfricaNenda Foundation, 11 African countries now have instant payment systems supporting cross-border transactions, up from six in 2024.
- 36 live instant payment systems are operational across 31 countries, reflecting digital financial growth in Africa.
- However, fragmented payment infrastructure and inconsistent regulations hinder seamless transactions between African markets.
Interlinking payment systems could enable businesses to pay suppliers across borders in near real-time and help investors move funds more efficiently.
Source: KBC Digital. AI-assisted summary.
