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The AfCFTA Secretariat is located in Ghana
Emmanuel Obinne, Head of Growth and Partnerships for West Africa at BPC Banking Technologies advocates for a robust payment system for commerce within the framework of the African Continental Free Trade Area.
According to him, this is crucial to avoid any attempt by fraudsters to take advantage of loopholes in different payment systems.
He was speaking in an interview about the new approach of fraudsters in the wake of the COVID 19 pandemic.
“I am actually excited about the establishment of the free trade area and here we are talking about multi-country trade and this will obviously lead to an increase in the volume of digital payments,” he said.
Obinne added, “Now that nations are involved in these transactions, I believe that the establishment of government-run business-to-business marketplaces among those countries where those who trade under the platforms are brought together under one ecosystem are avoided just like Alibaba, … so that you can protect both buyer and seller. “
He also cited the lack of an adequate fraud management solution and, as one of the loopholes, was identified as a major cause of the recent surge in cyber fraud.
“It makes sense that you would normally expect fraud to decrease, but we have to realize that scammers are notoriously innovative and even progress as technology advances and I don’t think they are falling asleep.” , did he declare.
He added: “They keep looking for loopholes that they can exploit to commit fraud, so this innovation that they employ coupled with loopholes, coupled with loopholes in which we have insiders (employees) who collude. with strangers to commit fraud, lack of proper management. solutions to detect and prevent fraud in organizations and exploitation of low level of customer education lead to the continuous incident of fraud.
According to Lexis Nexis, the global payments market is estimated to be worth $ 2 trillion by 2025, but is also expected to lose up to $ 200 billion due to fraud over the next 5 years.
Huge continental market
On August 17 last year, President Akufo-Addo commissioned and handed over the seat of the fully furnished African Continental Free Trade Area Secretariat to the Chairperson of the African Union Commission, Moussa Faki Mahamat, and the ZLECAf secretary general Wamkele Mene in Accra.
The Commission will administer the Free Trade Agreement, which created a 55-member single market with a combined population of over 1.2 billion and a total gross domestic product of around US $ 2.5 trillion .
All 54 sovereign African nation states have signed the agreement and 30, including Ghana, have ratified it
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