Afreximbank & Econet exploring African mobile payment platform

Econet Wireless
Strive Masiyiwa, founder and executive chairman of diversified international telecommunications group - Econet Wireless.
Strive Masiyiwa has been included in Fortune Magazine’s annual 'World's 50 Greatest Leaders' list. (image: WEF)
Strive Masiyiwa, founder and chairman of Econet. (image: WEF)

African Export-Import Bank (Afreximbank) is exploring the option to introduce a mobile payment platform to support intra-African trade and payments.

According to Jean-Louis Ekra, president of the bank: “This venture would essentially bring in around USD 50 billion of informal regional trade that takes place on the continent into the formal sector, with attendant benefits to governments, businesses and trade financiers.”

Ekra added that: “Mobile technology has become one of the most important instruments for the conduct of financial transactions in Africa and globally, and is seen by trade practitioners as a potential instrument for supporting cross-border trade and financial flows.”

Noting the central role of trade and development in Africa’s economic revival, Dr. Gondwe stated that banks had an important role to play in fostering cross-border trade, hence the need to have a breed of banks with the right knowledge and skills to support African traders in their cross-border transactions.

Earlier this week, Econet also revealed that it has joined the fight against Ebola. According to the operator, it has set up an Ebola Response Taskforce.

Staff Writer