With the introduction of the African Continental Free Trade Area (AfCFTA), payment transactions will come in handy through digital platforms.
The intra-Africa agreement which currently has 55 countries participating in the free trade market will require payment integration to achieve a cashless-lite agenda.
As part of efforts to address this, a financial technology company, FX Kudi Company Limited, has developed a platform to ease cross-border money transactions in Africa.
Chief Executive of the company, Abioye Oyetunji, recounted on BizTech that his idea to develop the platform was birthed out of his own experience in receiving money from his parents to pay school fees.
“Using myself as a case study when I was a student a few years back, I faced a problem of receiving money from my parents to pay my fees and being an Information Technology student, I decided to step in to use technology to solve that problem of cashless transactions”
“I realised that sending money across African borders could at times be slow, expensive and even risky. For instance, coming from Nigeria, the cash couriers have to change the money at the borders and this could slow down the process of receiving money and so FX Kudi was developed to allow customers to have freedom in sending their money across borders,” he added.
He said this when he spoke with Mawuli Ahorlumegah on GhanaWeb TV’s BizTech segment.
Watch the full interview below: