The Future of Cross Border Payments in Africa
Africa is on the cusp of a financial revolution, with cross-border payments leading the charge.
For years, sending money across borders in Africa has been fraught with high transaction fees, slow processing times, and limited accessibility for the unbanked population.
Yet, innovation in the fintech space transforms how Africans move money across countries. Yellow Pay has a feature by Yellow Card, designed to simplify cross-border transactions and drive financial inclusion.
This article explains the history of payments in Africa, the evolution of cross-border transactions, and Yellow Pay’s role in shaping a connected financial future for the continent.
Read more: https://kenyanwallstreet.com/the-future-of-cross-border-payments-in-africa-2/
How MultiChoice and Moment Are Transforming Africa’s Digital Payments Ecosystem
Africa’s dynamic population growth, projected to reach 2.5 billion by 2050, offers immense opportunities for those willing to invest time and effort into understanding its complexities. Despite challenges like currency devaluation, political instability, and service disruptions, the continent remains a fertile ground for innovation and enterprise. Digital connectivity is empowering Africans to improve their lives, start businesses, and embrace the digital economy.
One of the critical enablers of this transformation is payments. Simplifying and standardizing payment systems can unlock Africa’s financial potential. MultiChoice, a leading pan-African video entertainment provider, exemplifies this. Over nearly 40 years, MultiChoice has built a network serving 23.5 million customers across 50+ markets. In 2024, the company launched Moment, a digital payments ecosystem designed to streamline financial transactions across Africa.
Securing Africa’s financial sector in the age of fintech and digital banking
Africa’s digital financial sector is undergoing extraordinary transformation, driven by the rapid growth of fintech and digital banking across the continent. However, this expansion also increases businesses’ exposure to cyber threats. In a highly competitive environment, business leaders often prioritise swift go-to-market strategies above all else, pushing cybersecurity further down the development cycle. While this is understandable, companies that implement a robust cybersecurity strategy from the outset build stronger foundations for success.
Cyberattacks are not a problem for tomorrow—they are happening now. The African Cyberthreat Assessment Report 2024 by Interpol reported a 23 percent year-over-year surge in cyberattacks on organisations across Africa. From AI-driven fraud schemes to data breaches, cyber threats are evolving, as are the risks of neglecting them early on. Developing and implementing a multi-layered security strategy can enable financial companies to safeguard their assets, data, and reputation.
flairHR: Transforming Payroll and HR in Africa
flairHR, the leading Salesforce-native human resources (HR) and payroll software, proudly announces its expansion into the African market, bringing innovative and efficient payroll solutions to businesses across the continent. This strategic entry marks a significant milestone for flairHR as it continues to redefine HR management globally.
With an unwavering commitment to simplifying HR complexities and streamlining payroll processes, flairHR has partnered with Valon Consulting Group, a Salesforce consulting company that serves Salesforce Independent Software Vendors (ISVs) in Africa, specializing in business strategy, compliance, and operational efficiency.
With a deep understanding of the African market, Valon partners with global innovators like flairHR to deliver tailored solutions that drive business success. Together, they aim to empower organizations to achieve greater operational efficiency, compliance, and employee satisfaction.
Read more: https://techpoint.africa/2025/01/09/flairhr-transforming-payroll-and-hr-in-africa/
Ripple’s Survey Signals Massive Blockchain Payment Adoption Across Middle East and Africa
Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, highlighted the increasing role of cryptocurrency in payments, referencing insights from Ripple’s 2024 New Value survey in a post on social media platform X on Monday. “Nearly 2,000 leaders from global financial institutions and enterprises participated, including over 200 from the United Arab Emirates, Saudi Arabia, and Turkey,” he explained.
Merrick revealed that the most cited application for blockchain technology among respondents in the MENA region was “enabling customers to make payments using blockchain-based currencies (52%).” He noted that “accepting payment in the form of blockchain-based currencies (47%)” ranked as the second most common focus for regional leaders. The executive also highlighted the increasing interest in digital asset markets, emphasizing that “buying/selling/trading other types of digital assets (e.g., other token types like tokenized securities or real-world assets) (42%)” emerged as a key priority for a notable share of respondents.
EA banks seek to prioritise SMEs in digital investment
Almost two-thirds of East African banks have said that digital transformation was their most important priority, which is understandable given that it is perhaps the most innovative region for financial services on the continent.
With the highest mobile money penetration rates in the world, it is no surprise that Kenyan and other East African banks have been among the first to roll out retail and SME platforms for their customers.
According to African Digital transformation report 2024 published by Amsterdam headquartered Backbase this week, only one out of ten banks do not regard it as one of their three biggest priorities and some say could have already invested heavily in their mobile and online infrastructure and are now focusing on other areas.
Mastercard Predicts the Future of Payment Trends for 2025
Over the past few years, payment trends have transformed entirely. Tap-to-pay has become even more prevalent, traditional financial institutions are exploring blockchain, and generative AI is emerging as critical to boosting fraud protection rates by as much as 300%.
Borders are no longer barriers to global trade, instant access to earnings is the expectation, not a perk, and paper checks and physical wallets are fast becoming museum pieces — at least among the youngest of us.
Continued advances in tech are ushering more people and businesses into the digital economy every day, and it’s driving demand for trusted interactions and raising the bar for simplicity and seamlessness.
Read more: https://fintechnews.ch/payments/mastercard-predicts-future-of-payment-trends-for-2025/73659/
