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Africa forfeits an estimated $5 billion to the high cost of moving money across its borders. Sending $200 costs 8.46% on average, against a global average of 6.36%, making Sub-Saharan Africa the world’s most expensive remittance destination. A Kenya-to-Nigeria payment still routes through dollars before reaching naira, adding conversion costs and compliance checks. PAPSS now connects 28 countries and over 190 banks, but live commercial bank participation covers far fewer markets, constrained by licensing fragmentation, central-bank caution and balance-sheet mismatches that make local-currency settlement hard to price. As diaspora flows outpace FDI across much of Africa, how can the financial industry ensure the proceeds remain on the continent?
Key points
- What would local-currency settlement require from banks technically, commercially and on the balance sheet?
- Why have central banks been slow to commit operationally to PAPSS, and what would change that?
- Which corridor could realistically pioneer remittance licence passporting at scale?