Cross-border retail payments in the Tripartite Area in support of the African Continental Free Trade Agreement

Juliet Rugeiyamu Kairuki and Arthur Cousins
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Juliet Rugeiyamu Kairuki: Managing Director, FINSYS
Arthur Cousins: Lead Payments Consultant, FINSYS

Journal of Payments Strategy & Systems, 2022, vol. 16, issue 3, 231-243

Abstract: Cross-border payments initiatives are rapidly proliferating on the African continent. Both banks and non-bank financial institutions are working to extend digital financial services to support the growing demand for the transfer of funds across borders, including remittances, which provide a lifeline for vulnerable households such as those supported by working migrants. This article provides insight on the concept of a cross-border retail payments scheme for credit transfers within a geographical area of the African continent known as the Tripartite Free Trade Area. The paper elaborates on how such a scheme can be utilised to guide the delivery of payments in a manner that is cost-effective, rapid and transparent. This proposed scheme is in line with the G20 Roadmap for Interoperable Payments and would also support the vision of the African Continental Free Trade Area to enhance intra-African trade.

Keywords: regional clearing and settlement; Africa; remittances; low-value payments; Southern African Development Community; East African Community; Common Market for Eastern and Southern Africa; cross-border payment schemes (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2022:v:16:i:3:p:231-243

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