Africa needs $120m, binding AU law to fix cross-border payments

…‘The rails exist, but the rules don’t connect’
…Africa’s cross-border payments could hit $1trn by 2035
 
By Chinenye Anuforo from Nairobi, Kenya
 
Africa’s digital payment systems are already capable of moving money across borders, but fragmented regulations are preventing them from working seamlessly, the African Union Commission (AUC) has said.
Dr. Patrick Olomo of the African Union Commission, speaking at the AfricaNenda Media Training in Nairobi, Kenya, said the continent’s biggest challenge was no longer the absence of payment infrastructure, but the inability of regulatory systems to work across national borders.
“The rails exist. The payment fails at the border becau...