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Stable coins, PAPSS, regional payment systems like Buna, fintech providers, a BRICS payment system, blockchain and CBDCs have all been put forward as alternatives to SWIFT, the world’s dominant method to facilitate cross-border payments. These options offer possibilities to tackle inconsistent and often high fees charged by financial institutions to businesses under SWIFT, and to reduce the up to five days settlement time. Could the many alternatives create a fragmented landscape that will cause interoperability challenges, or will multiple solutions stimulate innovation and cater to different types of cross-border transactions? Regulators, and SWIFT alternative providers, banks, and fintechs discuss how to achieve a thriving cross-border payment environment for Africa.
Key points:
- Craving compatibility: How to ensure interoperability between the many cross-border payment system infrastructures?
- Role of regulation: How can AfCFTA facilitate technical coordination and regulatory cohesion between central banks and national regulators with independently designed payment platforms?
- CBDCs, fintechs and cryptocurrencies: With so many payment options, where do these new players fit into the equation and how are they transforming cross-border payments?