Ghana and Nigeria set to launch cross-border transactions

This initiative aims to boost financial integration across African borders

Sat, 26 Oct 2024 Source: www.ghanaweb.com

Plans are underway to facilitate faster cross-border transactions between Ghana and Nigeria as part of the African Continental Free Trade Area (AfCFTA).

Private legal practitioner Gabby Otchere-Darko shared this news in a video post on X, praising the initiative as "huge."

In the video spotted online, a representative emphasised the importance of mobile interoperability as a key step towards creating "a connected market."

He stated, "We've had conversations for decades about truly having a connected market. For that dream to be realized, we need to break some old barriers, including long-standing policies."

A significant development in this initiative is the admission of US-based company Bridge Fintech into AfCFTA's sandbox.

This innovative firm will facilitate and help test cross-border payments between Ghana and Nigeria.

"Bridge Fintech recently received that approval, and we're looking forward to learning through this journey with them," the representative added.

This initiative is expected to enhance financial integration and streamline transactions across African borders, contributing to the broader goals of the AfCFTA.

See the post below:

Nigeria and Ghana set to take historic steps soon to begin cross-border payments between the 2 West African countries that will allow a direct swap between the Ghanaian Cedi and Nigeria’s Naira for individual citizens, small and medium size businesses. This pilot is huge! #AfCFTA pic.twitter.com/X26cIE9Jol
— Gabby Otchere-Darko (@GabbyDarko) October 26, 2024