The emerging economies, especially in the Brics alliance, are moving towards an alternative payment system that could result in a new geoeconomic landscape
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The global payments ecosystem has been dominated by the Western financial systems, which can be described as the SWIFT network. There are several concerns about SWIFT: the transactional costs, the time it takes to process payments and its geopolitical entanglement, which often exposes transactions to be subject to the external political influences.
The financial scene in Africa is on the point of change. For a very long time, the continent has been struggling with a poor financial infrastructure, high transaction costs and restricted access to global markets. The emergence of alternative payment systems stands a chance to address these problems. It is based on an initiative of the African Export-Import Bank and the African Union.
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