Stakeholders Push for Enhanced Cross-Border Payments in Africa

Stakeholders in the fintech sector are committed to improving cross-border payment systems across African nations. At The Borderless Experience conference organized by Condia, Ricky Asemota from McKinsey and Company discussed the importance of retaining innovative ideas within companies.

Akeem Lawal, Divisional Chief Executive Officer of Interswitch’s Payment Processing and Switching Business, revealed that approximately $100 billion in cross-border payments left Nigeria in the past year through unlicensed channels. He emphasized the need to expand Nigeria's payment sophistication to other countries.

Kemi Manuel, CEO of Zest Payments, identified regulatory fragmentation as a significant barrier to progress, noting that different licensing requirements exist across African markets. She mentioned ongoing discussions among regulators about a shared license that could facilitate operations across multiple countries.

Benjamin Dada, founder of Condia, expressed his desire to address the challenges faced by startups in obtaining licenses and banking partners.