Payments systems and intra-African trade

A key challenge to intra-African trade is the facilitation of payments. By comparison with international practices, African payment systems are often inefficient in terms of cost, time, convenience, adaptability and finality. An international fund transfer via electronic networks that takes just minutes to go around the globe can take two weeks to arrive at the cross-border beneficiary in some African countries because of geographical handicaps, and a check can take more than a month to clear in sub-Saharan Africa. Forty per cent of Africa comprises island or landlocked economies.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions