Cross-Border e-Payments in Africa
Smart Africa has completed its work on ecommerce and cross-border payments in Africa (https://smartafrica.org/knowledge/blueprint-for-e-payments-for-the-facilitation-of-digital-trade-across-africa/). EFA was invited to participate in the final session of the drafting of the report and we highly recommend it to payment services. The work reminded us of the vital importance of an efficient, easy to use and cheap service for cross-border payments. Without such a system in place, online trade within the African Free Trade Area (AfCFTA) will not function effectively. Afreximbank’s PAPSS system, which we reported in October, is now being tested in some ECOWAS countries in West Africa. Other systems may be launched over the next years. Smart Africa’s paper provides the blueprint.
EFA, together with AfriLabs and the Global Policy House, will hold a virtual event on 7-8 February 2022 on cross-border payments for ecommerce in Africa. We will be sending out information and registration for the event in January. Afreximbank, the World Bank, AfDB, and others will be speaking. We hope to ‘see’ you there too!
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