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- Title
Cross-border retail payments in the Tripartite Area in support of the African Continental Free Trade Agreement.
- Authors
Kairuki, Juliet Rugeiyamu; Cousins, Arthur
- 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.
- Subjects
SOUTHERN African Development Community; EUROPEAN Economic Community; REMITTANCES; FREE trade; CUSTOMS unions; NONBANK financial institutions; BANKING industry; ELECTRONIC funds transfers
- Publication
Journal of Payments Strategy & Systems, 2022, Vol 16, Issue 3, p231
- ISSN
1750-1806
- Publication type
Article