FintechNGR, Africa Fintech Network Call for Collaboration on Cross-border Payments
Emma Okonji
The Fintech Association of Nigeria (FintechNGR), and the Africa Fintech Network (AFN), have called for enhanced collaboration on cross-border payments and remittances.
They made the call during a recent webinar hosted by both bodies, aimed at driving innovation and collaboration within the fintech sector.
The event, themed: “Scaling Cross-Border Payments and Remittances,” brought together industry leaders to discuss the challenges and opportunities in advancing cross-border financial transactions.
The webinar, which had average of about 200 participants, featured key insights from seasoned practitioners and experts from across Africa, Hong Kong and Singapore.
The dialogue covered the opportunities and challenges to scaling cross-border payments to boost livelihood and intra-Africa trade as well as trade between Africa and the rest of the world, leveraging the development in fintech and wider digital finance space.
Director of Advocacy and Capacity Development at AfricaNenda, Jacqualine Jumah, who spoke at the event, highlighted key trends in payment volumes across Africa.
She noted that the continent has witnessed a significant surge in digital payment volumes, driven by increased mobile penetration and the adoption of fintech solutions.
Speaking about some pressing issues of fraud, data privacy, and the need for strategic partnerships across Africa, Country Director of Chipper Cash, Abiodun Animashaun, emphasised the critical need for robust anti-fraud measures in cross-border transactions.
He highlighted that the success of the measures relies heavily on global collaboration between the private and public sectors, stressing that the cooperation is essential for enhancing the security and efficiency of cross-border payments.
President Hong Kong Fintech Industry Association, Paul Li, addressed the challenges posed by varying privacy laws on the international transfer of data.
He noted that while technology such as Artificial Intelligence (AI) could significantly aid in fraud prevention, the infrastructure required for such solutions is often hampered by regulatory differences.
Li, called for a more unified approach at the governmental level to facilitate smoother data transfers, suggesting that mobile based solutions and blockchain technology could offer more streamlined and secure alternatives for managing digital identities.
Lead Consultant at JFourth Solutions based in Singapore, Ho Chee Wai, advocated for collaboration with established players in target markets, noting that such partnerships are crucial for easing the complexities associated with regional expansion.
He emphasised that such alliances are not only beneficial for entering new markets but are also vital for accelerating the setup and operation of financial services across Africa.
