“High hopes for seamless intra-Africa trade under the terms of the Africa Continental Free Trade Area (AfCFTA) got a boost this week with the formal roll-out of a payments platform by the Africa Export-Import bank (Afreximbank), the continent’s trade finance institution. The platform is called the Pan-African Payment and Settlement System, or PAPSS, and was first launched in July 2019 at an African Union summit in Niger.”

“Somalia has set up a national payments system as part of plans to develop the financial industry in one of the world’s most fragile states, following decades of political and economic instability. The 13 lenders in the Horn of Africa nation can now “become inter-operable, connected to the clearing and settlement system of the central bank and able to transact with each other,” Central Bank of Somalia Governor Abdirahman M. Abdullahi said in an interview. The system will “facilitate transactions between vendors and their customers more efficiently.””

“In a country-first for Malawi, mobile money service provider TNM Mpamba today launched a Mastercard virtual payment solution that will enable TNM Mpamba mobile money wallet customers to make safe and seamless local and international e-commerce transactions. This is expected to enhance financial inclusion and improve access to the digital economy. Through a Mastercard virtual (non-plastic) payment solution linked to the TNM Mpamba mobile money wallet, customers will be able to make payments to local and global online brands and merchants, expanding their reach to an international marketplace.”

“Sending money anywhere in SADC quickly, cheaply and securely is no longer a dream, but a reality.  Last month BankservAfrica successfully processed its first real-time cross-border transactions between Zimbabwe and Namibia via the TCIB (Transactions Cleared on an Immediate Basis) payments service.  “We are so excited to see this project finally come to life after all the hard work and collaboration with the broader payments industry in the region,” says BankservAfrica’s Ruhling Herbst, Executive Sponsor of the TCIB initiative.  Jointly developed by the SADC Banking Association and BankservAfrica, TCIB is open to all players in the cross-border remittance space in SADC, including banks and authorised non-banks.”

“Since the early 2000s, the 15-member Economic Community of West African States (ECOWAS) has been pursuing a common currency agenda, centered on the “eco,” with the intention of reducing barriers to doing business across the region and increasing trade overall. While the implementation of the new currency has been postponed due to hurdles in macroeconomic convergence across the countries and the disruptions caused by the COVID-19 pandemic, among other challenges, many policymakers remain keen to forge ahead, with implementation now tentatively set for 2027.”

“The number of mobile money accounts in Africa passed the half a billion mark in 2020, and the continent accounted for more than 64% of the value of global mobile money transactions, totalling $767bn. Looking to the future, there is no sign of this growth slowing, according to CR4 Market Insight. That said, traditional banking and payment channels, like ATMs and point of sale (POS) also show an upward trend, highlighting the wide range of needs of the African population.”

“Leaf—the winner of the developing world technology category in Fast Company’s 2021 World Changing Ideas Awards —is a money storage solution that allows these individuals to carry digital cash into Kenya, Uganda, and Rwanda, where Leaf currently operates. “It is a digital wallet that goes with the customer wherever they go,” Samples says. “Think of it as a global Venmo account.” Money stays protected in the Leaf wallet for as long as they need, and they can receive cash from relatives living in those countries at any point during their journeys. It builds on an already trusted technology, and one that’s booming as cashless payments become more prevalent: mobile money has seen a 400% increase in adoption during the pandemic.”

“The Seychelles-based Securities, Commodities and Derivatives Exchange ( SECDEX ), and KOINON , the global Digital Coin and Token based payment platform, are pleased to announce a collaboration to foster the intersection of African B2C and B2B payments and dynamic asset conversion between fiat currencies, cryptocurrencies and a broader range of digital assets. This initiative comes at a key time in the mobile payments industry growth as evidenced by Mastercard’s recent $100million investment in Africa’s Airtel which focuses on mobile payments and financial inclusion.”