Close Menu
Over The Borders
    What's Hot

    Important Passport Advice from Travel Experts to People Traveling to Spain | Europe | Travel

    July 8, 2025

    Pennington advances to the finals in 2025 Kyknet Kwêla DorpVan Die Jaar Competition – Tourist News Africa

    July 8, 2025

    South Africa implements mandatory digital visa system for all participants starting September 2025: New Update

    July 8, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Important Passport Advice from Travel Experts to People Traveling to Spain | Europe | Travel
    • Pennington advances to the finals in 2025 Kyknet Kwêla DorpVan Die Jaar Competition – Tourist News Africa
    • South Africa implements mandatory digital visa system for all participants starting September 2025: New Update
    • Germany, France, Canada, Brazil, South Africa, Australia, the UAE and the US will lead historic international efforts at Ixal 2025 to tackle climate challenges in the aviation industry through innovation and collaboration
    • “I have traveled to all 44 countries in Europe and there are four that I struggled with” | Travel News | Travel
    • Vivajets highlights the role of civil aviation in the African oil and gas industry – Energy Focus Report
    • The Wakawaka Doctor becomes the most reliable voice in Africa's most reliable laws
    • The NTSB Report suggests that ATC misconceptions have led to close calls at Reagan National | News
    • Home
    • About Us
    • Contact Us
    • Advertise With Us
    • DMCA Policy
    Facebook X (Twitter) Instagram
    Over The BordersOver The Borders
    Tuesday, July 8
    • Home
    • Airlines & Aviation
      • Airline Incidents & Industry News
      • Airline Accidents & Safety
      • Aviation Innovation
      • Visa Information & Updates
    • Travel News
    • Migration Insights
      • Climate & Environmental
      • Immigration News & Updates
      • COVID-19 & Health in Travel
    • Regional Spotlights
    • Tourism Industry
    • Travel Tech & Innovation
      • Traveler Experiences
      • User Tips, Guides, & Resources
    Over The Borders
    Home » 'Japa' trend emerges as one of the key drivers of cross-border payments in Africa

    'Japa' trend emerges as one of the key drivers of cross-border payments in Africa

    overthebordersBy overthebordersJanuary 16, 2025 Migration Insights No Comments4 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    'Japa' trend emerges as one of the key drivers of cross-border payments in Africa

    Cross-border payments in Africa have undergone significant changes in recent years.

    Advances in technology, increased trade across Africa's borders, and growing demand for financial inclusion have made cross-border payments a key pillar of Africa's economic development.

    Payment flows in Africa are expected to reach $40 billion by 2025, with more than 70% of them expected to be digital payments. These numbers highlight the huge potential for growth and innovation in this sector.

    Tekedia Mini MBA 16th edition (February 10 to May 3, 2025)) will open Registration; Register now For early bird discount.

    Tekedia AI in Business Masterclass now open for registration here.

    Join Tekedia Capital Syndicate and I tooInvest in Africa's best startups here.

    The 'Japa' trend, which represents a wave of Africans, particularly Nigerians, migrating abroad, has emerged as one of the key drivers of cross-border payments in Africa. According to the Emerging Trends in Cross-Border Payments report, the rapid increase in African migration is driving demand for efficient and reliable cross-border payment services.

    Fintech companies are stepping up to meet this demand, offering innovative solutions that ensure faster, more affordable and secure cross-border transactions. As the “Japa” phenomenon continues to impact migration patterns, the role of cross-border payment systems in promoting financial connectivity and inclusion becomes even more important.

    Another key trend shaping Africa's cross-border payments ecosystem is the rise of mobile money platforms such as M-Pesa, MTN Mobile Money (MoMo), and Orange Money, which support unbanked It plays an important role in helping people send money. You can receive payments across borders.

    How will blockchain impact cross-border payments? in africa?

    Although the adoption of blockchain technology in Africa is still in its infancy when it comes to cross-border payments, the potential impact on cross-border payments is enormous.

    Several local companies are experimenting with it, including Zone, a Nigerian blockchain-enabled payments infrastructure company. Blockchain is used to facilitate transactions, but its overall impact on cross-border payments is: minimum.

    The reason is obvious. Adoption and adoption are low due to regulatory uncertainty, negative perceptions, and lack of widespread support for blockchain-driven solutions.

    In particular, blockchain is making cross-border payments in Africa faster, cheaper and more secure. Previously, payments had to go through multiple banks and intermediaries, resulting in delays and additional fees. But with blockchain, transactions occur directly The ability to communicate between two parties in real time eliminates the need for these intermediaries. this is A great deal for African businesses and individuals who rely on fast and affordable service payment. Additionally, blockchain stores all transactions in a secure, tamper-proof ledger. This makes fraud more difficult.

    The role of mobile money in facilitating cross-border transactions

    There is no doubt that mobile money has increased access to financial services (for people without traditional banking) by allowing them to send and receive money directly through their mobile phones. This brought millions of people into the financial system. However, the impact varies by region. Because regulations differ depending on the country.

    For example, Kenya's M-PESA allows telcos to store customer funds. They are essential to the financial ecosystem. However, this comes with risks. If you have a platform like If Safaricom's M-PESA faces disruption, it could be a huge blow to Kenya's economy. in Nigeria, on the other hand, has taken a more cautious approach and has regulations in place to prevent it. Telephone companies do not need to store funds.

    This helps avoid over-reliance on a single platform and protects competition from fintechs. Intra-African payments is also an area where mobile money plays a key role, and can facilitate cross-border transfers, but issues such as transaction limits, payment tracking, and data privacy need to be regulated first. There is.

    Telcos collect extensive user data that, if left unchecked, can result in unfair advantage. Not checked. Ultimately, mobile money will simplify transactions and ensure that people You can send and receive money easily. While that's the case Unlikely to control Nigeria's finances Similar to the system M-PESA has in Kenya, it remains an important trading option.

    For customers, convenience is a priority, whether through a telco, bank, or fintech. The goal is to make payments faster, safer and more accessible.

    move forward

    The future of cross-border payments in Africa depends on fostering a collaborative ecosystem that leverages the strengths of blockchain, mobile money, and traditional financial institutions.

    By addressing regulatory challenges, fostering innovation, and prioritizing user experience, Africa can unlock the full potential of cross-border payments to drive economic growth, empower individuals, and improve financial Inclusion can be strengthened.

    Something like this:

    like Loading…



    Source link

    overtheborders
    • Website

    Keep Reading

    The Wakawaka Doctor becomes the most reliable voice in Africa's most reliable laws

    Reasons for taxing remittances Immigration and the US economy: Trump's “Big Beautiful Bill” Act

    At 4.20m, the greatest white shark ever tracked is heading towards the US coast. What is at risk?

    ILO engages in restructuring the labour immigration report for West African journalists

    ILO engages in restructuring the labour immigration report for West African journalists

    People who are not dying after immigrant wrecks from Lampedusa, Italy

    Add A Comment
    Leave A Reply Cancel Reply

    Editors Picks

    Important Passport Advice from Travel Experts to People Traveling to Spain | Europe | Travel

    July 8, 2025

    Pennington advances to the finals in 2025 Kyknet Kwêla DorpVan Die Jaar Competition – Tourist News Africa

    July 8, 2025

    South Africa implements mandatory digital visa system for all participants starting September 2025: New Update

    July 8, 2025

    Germany, France, Canada, Brazil, South Africa, Australia, the UAE and the US will lead historic international efforts at Ixal 2025 to tackle climate challenges in the aviation industry through innovation and collaboration

    July 8, 2025
    Latest Posts

    There’s a Race to Power the Future. China Is Pulling Away.

    June 29, 2025

    World Bank ends ban on funding for nuclear projects

    June 11, 2025

    Why rooftop solar could crash under Republican tax bills

    June 11, 2025

    Subscribe to News

    Subscribe to our newsletter and never miss our latest news

    Subscribe my Newsletter for New Posts & tips Let's stay updated!

    Welcome to Over The Borders, your ultimate gateway to discovering the world’s hidden treasures, with a special focus on the vibrant and diverse continent of Africa. Our mission is to inspire, educate, and empower travelers by providing insightful articles, travel guides, and firsthand experiences that celebrate the beauty and richness of regional cultures, landscapes, and adventures.

    Facebook X (Twitter) Instagram Pinterest YouTube

    Subscribe to Updates

    Subscribe to our newsletter and never miss our latest news

    Subscribe my Newsletter for New Posts & tips Let's stay updated!

    Facebook X (Twitter) Instagram Pinterest
    • Home
    • About Us
    • Contact Us
    • Advertise With Us
    • DMCA Policy
    © 2025 overtheborders. Designed by overtheborders.

    Type above and press Enter to search. Press Esc to cancel.