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will result in low cost and faster remittances to end-users .
Further , there are potential integration points into other African regions including the East African Community , the Common Market for Eastern and Southern Africa , and East African Community .
To alleviate payment challenges within Africa ’ s intricate network of over 50 countries and around 40 different currencies , The Pan-African Payment and Settlement System , PAPSS was developed
Arthi Narayanan , Lead Payments Consultant , Synthesis
by the African Continental Free Trade Area . This represents a potentially transformative advancement for cross-border payments .
Developments such as this will leverage the unique competitive strengths of banks , financial institutions , MNOs , MTOs , and FinTech to build effective payment infrastructure and ecosystems through partnerships and collaborations .
Tokenisation Technology is another trend that can streamline financial processes and foster financial inclusion . Africa ’ s first Central Bank Digital Currency was issued by the Central Bank of Nigeria and South Africa and Ghana are currently running pilot projects .
Finally , effective adoption of ISO20022 messaging standards can result in improved payment exceptions and investigations , simplify regulatory reporting , enhance customer insights , build vertical value propositions , and strengthen corporate treasury activities .
These are just a few of the opportunities and trends available to improve crossborder commerce . �
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