While cash is still king in Africa, the continent is witnessing a surge in the use of digital wallets to make cross-border payments, says Verto’s Cornelius Coetzee.
In this episode of ITWeb TV, Cornelius Coetzee , country director for Verto South Africa, speaks to ITWeb news editor about the evolution of Africa’s cross-border payments landscape. # Remittances #CrossBorderPayments #MobileWallets #ApplePay #GooglePay
This usually involved sending money using bus drivers to deliver the cash beyond the borders. However, while cash is still king on the continent, technology is rapidly transforming the remittance processes., transaction value in Africa’s digital remittances market is projected to reach $3.4 6 billion in 2025.
Coetzee believes the informal ways of sending money in and out of countries, such as using bus drivers, will remain for some time in Africa.“Financial inclusion doesn’t just mean helping countries or a certain few to have access to formalised remittances. From an informal remittance flow, that is something that will be very much present in Africa,” he said.
“USSD is the platform that started to formalise the remittance process. By simply dialling a USSD code, you can now instantly send money. So it’s a safe and secure remittance that is taking place.”
Cross-Border Payments Verto USSD Mobile-Money Cornelius Coetzee Digital Remittances
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