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With the introduction of the African Continental Free Trade Area (AfCFTA), payment transactions will be useful via digital platforms.
The intra-African deal, which currently has 55 countries participating in the free trade market, will require the integration of payments to achieve a cashless program.
As part of efforts to address this issue, a financial technology company, FX Kudi Company Limited, has developed a platform to facilitate cross-border currency transactions in Africa.
The company’s chief executive, Abioye Oyetunji, told BizTech that his idea to develop the platform arose out of his own experience receiving money from his parents to pay for school fees.
“Using myself as a case study when I was a student a few years ago, I faced the problem of receiving money from my parents to pay my fees and as a student of technology. information, I decided to step in to use technology to solve this problem. cashless transactions’
“I realized that sending money across African borders can sometimes be slow, expensive and even risky. For example, from Nigeria, money couriers have to change money at the border, which could slow down the process of receiving the money. This is why FX Kudi was developed to allow clients the freedom to send their money across borders, ”he added. .
He said this when he spoke with Mawuli Ahorlumegah on GhanaWeb TV’s BizTech segment.
Watch the full interview below:
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