Standardising payment systems way to drive pan-African trade
African countries can seize the opportunity in harmonizing and standardizing payment systems if the continent is to formalize trade and deepen pan-African payments systems. CNBC Africa spoke to Sam Amanor, Chief Executive Officer, BlueSPACE Financial Cloud for more.
Wed, 05 Feb 2025 15:23:07 GMT
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AI Generated Summary
- Standardizing payment systems can facilitate cross-border transactions and enhance economic growth across Africa.
- Global standardization is essential for seamless interoperability with international partners.
- Modernizing domestic systems is crucial for promoting financial inclusion for SMEs and rural communities.
African countries have a unique opportunity to drive trade formalization and deepen pan-African payment systems through the harmonization and standardization of payment infrastructures. In a recent interview with CNBC Africa, Sam Amanor, Chief Executive Officer of BlueSPACE Financial Cloud, highlighted the importance of aligning payment systems to transform intra-African commerce. By standardizing payment systems, African countries can facilitate cross-border transactions and foster economic growth across the continent. Amanor emphasized the need for global standardization to ensure seamless interoperability with international partners. He underscored the significance of modernizing domestic systems to enhance cross-border trade and promote financial inclusion for SMEs and rural communities.
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