‘Africa is rising’ is a powerful phrase these days. The rising middle class will undoubtedly help to drive up demand for consumer goods, creating the business case for African firms to upgrade their production processes and expand their businesses.
As Africa pursues deeper economic integration, facilitation of payments across borders and integration of financial markets can no longer be ignored. Transaction costs remain high, at least partly because a large proportion of settlement processes – 48% – within Africa involve banks
outside of Africa. This impacts the productive capacity of African firms.
This White Paper from SWIFT explores transaction flows, implications and recommendations.