Fintech companies in Africa are flourishing by producing digital systems and infrastructure to make financial services more efficient. And with the launch of the African Continental Free Trade Area (AfCFTA) at the start of this year, the companies are well positioned to replicate this success by providing solutions for what is the largest free trade area globally by the number of countries taking part in it. Solving cross-border payment within the continent could “exponentially increase intra-Africa trade,” according to the United Nations Development Programme and the AfCFTA secretariat. In a case study cited in one of their recent reports, Godwin Benson, the CEO of Tuteria, a Nigerian peer-to-peer learning platform, says: “It should be easy for customers in Egypt or Rwanda to pay a business in Nigeria. Recently, a customer from Cameroon wanted to pay us but could not carry out the transaction. Without seamless intra-African payments, businesses like Tuteria, especially those run by young entrepreneurs, may not be able to trade across the continent.”
SOURCE: QUARTZ AFRICA
More Stories
Lebo M on 25 Years of The Lion King on Broadway
Mountain House Makes the Most of Its Spectacular Site
A Tribute to Black Artists Could Signal a Change for Museums
7 Young African Women Dominating the Turntables
Meet the Founders of Kitchens of Africa
Seychelles Shines Again at the World Travel Awards
Planning to Honeymoon in the African Bush?
For the Ultimate Trip, these are the Best Hotels in Marrakech
Ghana is also a Great Destination for Keen Walkers
17 Regional Countries have Increased their Travel and Tourism Development Index
What are the Benefits and Costs of Scaling-up the Commercial Production of Bioenergy in Africa?
Faculty of Harvard University and Africa.com Offer Online Course for Entrepreneurs in Food Systems