Menu
Nana_Yaw_Owusu_Banahene
Nana_Yaw_Owusu_Banahene

Cross-border payments will promote trade investments

Overview

“Technology will be the backbone of financial inclusion, and banks and fintechs will continue to work together to provide these services,” Nana Yaw Owusu Banahene

The future of Africa’s financial system will be driven by cross-border payments, according to Nana Yaw Owusu Banahene, Country Manager of AZA Finance. He emphasized the importance of seamless cross-border payments to facilitate trade and investment opportunities among African nations. To address this challenge, the Pan African Payments Settlement System (PAPSS) was launched in Accra in January 2022, aiming to enable financial transactions across Africa and support the African Continental Free Trade Agreement (AfCFTA). Mr Banahene expressed optimism about additional payment rails complementing PAPSS in the near future to meet the growing demand for cross-border transactions.

Furthermore, he stressed the significance of proper credit analysis and the involvement of the diaspora in achieving financial inclusion. He highlighted the potential contribution of the diaspora through remittances and investments to the growth of the economy. Mr Banahene emphasized the role of technology in reaching everyone and expanding financial services, stating that technology would be the backbone of financial inclusion. He mentioned the collaboration between banks and fintechs in leveraging technology to provide services such as digital loans and extending financial services to rural areas.

Read more: https://www.graphic.com.gh/business/business-news/cross-border-payments-will-promote-trade-investment.html

Tags

Related to this article

4_things_you_should_know_when_managing_payroll_payments_in_Africa
4 Things You Should Know When Managing Payroll Payments in Africa

Whether you’re a payroll provider, or a freelancing company in or venturing into Africa, you have probably struggled with the diverse and rapidly evolving financial

Fatimah_Gana_Mahmou_Head_of_Sales_for_West_Central_Africa_AZA_Finance_fintech_fuel_Uganda
Fintech Fuel Uganda: Improving Efficiency in Cross-Border Payments

The AZA Finance breakfast networking event “FinTech Fuel Uganda” recently brought together Uganda’s innovative startups and major corporations to discuss the future of cross-border payments.

What_it means_to_be_an_Africa_first_b2b_fintech_AZA_Finance
What it means to be an Africa-first b2b fintech

For the past ten years, we’ve been laser-focused on helping businesses across the continent create Africa’s trillion-dollar growth. By building financial infrastructure and more connections

Authority Magazine: Sukhi Srivatsan Of AZA Finance On How to Build Lasting Customer Relationships

In an interview with Authority Magazine, Sukhi Srivatsan, Head of Account Management Operations at AZA Finance, shares insights on building lasting customer relationships. Emphasising communication,

4_things_you_should_know_when_managing_payroll_payments_in_Africa
4 Things You Should Know When Managing Payroll Payments in Africa

Whether you’re a payroll provider, or a freelancing company in or venturing into Africa, you have probably struggled with the diverse and rapidly evolving financial

Fatimah_Gana_Mahmou_Head_of_Sales_for_West_Central_Africa_AZA_Finance_fintech_fuel_Uganda
Fintech Fuel Uganda: Improving Efficiency in Cross-Border Payments

The AZA Finance breakfast networking event “FinTech Fuel Uganda” recently brought together Uganda’s innovative startups and major corporations to discuss the future of cross-border payments.

What_it means_to_be_an_Africa_first_b2b_fintech_AZA_Finance
What it means to be an Africa-first b2b fintech

For the past ten years, we’ve been laser-focused on helping businesses across the continent create Africa’s trillion-dollar growth. By building financial infrastructure and more connections

Authority Magazine: Sukhi Srivatsan Of AZA Finance On How to Build Lasting Customer Relationships

In an interview with Authority Magazine, Sukhi Srivatsan, Head of Account Management Operations at AZA Finance, shares insights on building lasting customer relationships. Emphasising communication,

Forbes: Africans Don’t Need U.S. Crypto ETFs As Much As They Need African-Specific Regulation

Elizabeth Rossiello argues that Africans need clear, African-specific cryptocurrency regulations more than U.S. crypto ETFs. U.S. bitcoin ETFs have boosted bitcoin prices, driving interest in

Circle And AZA Finance Issue Paper

About the white paper AZA Finance, a pan-African fintech company, and Circle, a global digital financial technology firm and the issuer of USDC and EURC,

News & Updates

Subscribe now to our weekly African FX newsletter to get actionable insights on currencies, trading and regulations straight from AZA Finance to your inbox.
Please enable JavaScript in your browser to complete this form.
Close