Call for Faster Cross-Border Payments to Boost Inclusion

Kingslei Madu, co-founder and CEO of Expedi, has called for the development of faster cross-border payment systems to enhance global financial inclusion. He noted that while people move rapidly across borders, the systems facilitating international payments often remain slow and costly, disproportionately affecting immigrants and small businesses.

Traditional payment networks involve lengthy processes, high transaction fees, and complex regulatory requirements. Madu emphasized that modern cross-border payment solutions are essential for economic participation, enabling individuals to support families abroad and engage in global commerce with fewer constraints.

He pointed out that fintech innovations, particularly those utilizing blockchain technology and AI-driven compliance tools, can significantly reduce settlement times and costs while simplifying multi-currency transactions. Madu cited Expedi as an example of technology facilitating faster transactions for immigrant businesses.

However, he acknowledged ongoing challenges such as regulatory complexities, data privacy concerns, and fraud risks, urging stronger collaboration between fintech innovators and traditional financial institutions to ensure secure and scalable cross-border payment systems.