AFRICA – The African Export-Import Bank (Afreximbank) has announced the broad launch of a payment service called AfPAY with the stated goal of facilitating easier transactions among African financial institutions.
“Afreximbank developed the product specifically to address the banking challenges confronting African economies due to the withdrawal of many international banks from the continent — exits attributable to stringent regulatory and compliance requirements as well as costs,” said part of the announcement.
“Trade is the number one driver of growth, and banks’ inability to participate in trade transactions will lead to reduced growth in our economies and increased poverty.”
The Cairo bank stated in the announcement that AfPAY has been in a pilot phase for more than a year and is processing more than half a billion payments among African states monthly.
According to the announcement, Zimbabwe has been a significant participant in the pilot and more than 20 financial institutions in the country are using AfPAY.
“African banks have, for at least a generation, been dogged by the limited access to dependable banking partners willing to support their cross-border trade transactions,” Denys Denya, executive vice president for finance and administration at Afreximbank, said in a statement.
“We are pleased to introduce into the market a product which transforms this dynamic, which we believe will accelerate cross-border trade on this continent, connecting Africa with an international financial ecosystem that will accelerate its development and economic growth.”
According to the bank, its assets stand at about US$25 billion. From 2016 to 2021, it said, it disbursed more than US$51 billion.
The shift of AfPAY out of pilot mode comes at a time of growing financial innovation among companies serving African businesses and consumers. Two weeks ago, PYMNTS reported on Wayapay, which launched a digital bank and money-transfer service based in the United States aimed at African immigrants.
Nigerian payment platform launches Quickteller Transport
Payment tech platform, Quickteller has launched a new feature, Quickteller Transport, to boost Nigerian’s traveling booking experience.
Chinyere Don-Okhuofu, MD, Interswitch Industry Ecosystems Division, confirmed the new development on Friday in a media release.
Don-Okhuofo noted that the new feature would allow users to filter their search to specific or preferred operators and compare fares among other options.
“We are ecstatic to be launching this service. And as we launch our suite of new complementary services, Quickteller customers can be assured of our commitment to providing an excellent experience using Quicktelller to access all their lifestyle and payment needs,” stated Don-Okhuofo.
Quickteller, as a fintech consumer platform, offers digital payments and e-commerce services for convenient Airtime Recharge, and local Funds Transfer.
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