Africa is a continent with immense potential for economic growth and development, but also faces significant challenges in facilitating trade and financial inclusion. One of the major obstacles is the lack of efficient and affordable cross-border payment systems, which hampers the movement of goods, services, and money across the continent.
However, the situation is changing rapidly as Africa embraces innovation and technology to transform its payment landscape. The report also states that in 2020, Africa’s e-payments industry generated approximately $24 billion in revenues, of which about $15 billion was domestic electronic payments. The domestic e-payments market is expected to grow by approximately 20 percent per year, reaching around $40 billion by 2025.
Speaking to Peter Mureu, the Director of Marketing at Yellow Card, about the unique value proposition of this product, he stated that “the affordability and speed are a major game-changer”.The impact and importance of cross-border payments in Africa cannot be overstated. Cross-border payments help facilitate international trade, which boosts economic growth, creates jobs, reduces poverty, and fosters regional integration.
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ITNewsAfrica - 🏆 27. / 59 Read more »
Source: ITNewsAfrica - 🏆 27. / 59 Read more »