Financial Inclusion: Policy fragmentation, dollar dependence stall cross-border payments in Africa

AI Summary

Cross-border payments in Africa face challenges due to policy fragmentation and heavy dependence on the US dollar. The difficulty of exchanging African currencies directly hampers the development of local currency settlement mechanisms.

Many cross-border transactions still rely on the US dollar as an intermediary currency. At the same time, African currencies are often difficult to exchange directly, and few mechanisms exist for countries to settle payments with one another in local currencies. The post Financial Inclusion: Policy fragmentation, dollar dependence stall cross-border payments in Africa appeared first on Premium Times Nigeria.