The Digital Revolution: Enhancing Cross-Border Payments in Africa

The Digital Revolution: Enhancing Cross-Border Payments in Africa – Panel at Africa Tech Summit Nairobi 2025 featuring insights and views from Eric Wainaina – General Manager, Africa at Conduit, Yemi Lawani – Director of Business Development at Circle, Iheakachi Nwabueze – Head of Global Marketing and Growth at Grey, Dr. Collins Igwe – CFO at Budpay and moderated by Paschal Okeke – Head of Operations & Expansion at CrissCross.

Panelists discuss the current state of cross-border payments on the continent, the technological advancements in financial services powered by blockchain and digital currencies and highlight the anticipated growth of the African payment market, projected to reach $40 billion with 70% being digital.

The session touches on key challenges in the industry, including high transaction costs, regulatory fragmentation, compliance complexities, inefficient banking infrastructures and differing regulatory frameworks across countries present additional hurdles for cross-border transactions.

Highlights include:
💰 Projected Growth of Payments: African payments expected to reach $40 billion this year, with 70% being digital.
🏦 High Transaction Costs: Cross-border payments incur costs between 3% and 8% due to inefficiencies in the banking system.
⚖️ Regulatory Hurdles: Regulatory fragmentation complicates compliance and increases operational costs, making cross-border transactions more expensive.
🌐 Technological Innovations: Emerging technologies like blockchain and stable coins have the potential to revolutionize payments by reducing costs and improving efficiency.
📚 Financial Literacy: Financial education is crucial for consumer adoption and trust in digital payment solutions across the continent.
🤝 Collaboration is Key: Panelists emphasized the need for industry collaboration to tackle shared challenges and enhance payment infrastructures.
⏳ Future Expectations: A unified payment infrastructure, similar to the EU’s SEPA, is a long-term goal but will require significant time and investment.

Africa Tech Summit Nairobi 2025 celebrated its 7th edition on February 12th and 13th at the Sarit Expo Centre in Nairobi. Bringing together over 1600 leading industry players from 64 countries representing 800+ companies who listened and learned from 176 speakers across 73 sessions, exploring the latest trends and insights in technology and business across Africa and beyond. 

It was a jam packed few days of keynotes, masterclass sessions, fireside chats, panels and pitches. View the session from across the Africa Money and Defi Summit, Africa Climate Tech & Investment Summit, Africa Startup Summit and Mobile & App Summit here.

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