Fintechs cannot solve the problem of cross-border payments in Africa because the solution is not tech-based. As far as Kwame Oppong, Director of Fintech and Innovation, Bank of Ghana is concerned, the technological solution already exists, however, the main problem has several layers.
Cross-border transactions and their challenges were a recurring theme on the first day of the Inclusive Fintech Forum in Kigali, Rwanda. From blockchain to cryptocurrencies, several speakers highlighted different solutions that could ease transactions between African countries, yet none have been widely successful.
During a panel discussion titled “Dialogue Between Central Bankers on Digital Money,” speakers examined the underlying issues preventing seamless cross-border transactions across the continent.