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Cross-border retail payments in the Tripartite Area in support of the African Continental Free Trade Agreement

Author

Listed:
  • Kairuki, Juliet Rugeiyamu

    (Managing Director, FINSYS)

  • Cousins, Arthur

    (Lead Payments Consultant, FINSYS)

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.

Suggested Citation

  • Kairuki, Juliet Rugeiyamu & Cousins, Arthur, 2022. "Cross-border retail payments in the Tripartite Area in support of the African Continental Free Trade Agreement," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 16(3), pages 231-243, October.
    • Handle: RePEc:aza:jpss00:y:2022:v:16:i:3:p:231-243
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    More about this item

    Keywords

    regional clearing and settlement; Africa; remittances; low-value payments; Southern African Development Community; East African Community; Common Market for Eastern and Southern Africa; cross-border payment schemes;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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