This is how blockchain payments adoption can help the AfCFTA’s aims

Must Read

Harmony’s $100M Hack Was Due to a Compromised Multi-Sig Scheme, Says Analyst

Harmony’s Multi-Sig Exploited Polygon’s CSO Says, Harmony Protocol’s Founder Found Evidence That ‘Private Keys Were Compromised’

Uniswap Set To Add NFTs To Its Product Lineup With Latest Acquisition

On Tuesday, a popular crypto start-up and founders of a leading decentralized exchange of the name Uniswap...

Yuga Labs vs. Ryder Ripps: Decoding the impact of the lawsuit on the performance of ‘Apes’

Yuga Labs is the limelight again. However, this time around the NFT giant announced that it has...

Dr. Oluseyi Akindeinde, the Chief Technical Officer of Digital Encode Limited, thinks that implementing blockchain for transactions will speed up the accomplishment of the trade agreement’s objectives when overseas trading is top of the agenda with the African Continental Free Trade Area (AfCFTA) agreement.

At the Africa Tech Alliance Forum (AfriTECH2021) in Lagos, Akindeinde highlighted the benefits of blockchain for payment, claiming that it lowers the risk of corruption and transaction fees.

The CTO of Digital Encode, an information security management, and compliance advisory firm, identified the Pan African Payment & Settlement System (PAPSS) as an instance of a system intended to help with the predicted growth in overseas transaction volumes throughout Africa.

Ramaphosa calls on African leaders to unite and help attract foreign  investment - SABC News - Breaking news, special reports, world, business,  sport coverage of all South African current events. Africa's news leader.

Blockchain, he added, allows for peer-to-peer payments without the involvement of a middleman.

“With it, participants will no longer need to convert local currencies into hard currencies which then entailed the funds leaving Africa to be converted before being sent back again to the beneficiary bank – adding days to the transaction time.” Akindeinde said.

He argued that to finance cross-border commerce, Africa’s central banks must work together with the PAPSS to establish a payment service to which commercial banks, payment firms, and fintech companies from throughout the continent may join as “Participants.”

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Harmony’s $100M Hack Was Due to a Compromised Multi-Sig Scheme, Says Analyst

Harmony’s Multi-Sig Exploited Polygon’s CSO Says, Harmony Protocol’s Founder Found Evidence That ‘Private Keys Were Compromised’

Uniswap Set To Add NFTs To Its Product Lineup With Latest Acquisition

On Tuesday, a popular crypto start-up and founders of a leading decentralized exchange of the name Uniswap announced the acquisition of Genie,...

Yuga Labs vs. Ryder Ripps: Decoding the impact of the lawsuit on the performance of ‘Apes’

Yuga Labs is the limelight again. However, this time around the NFT giant announced that it has filed a lawsuit against old...

Anonymous vows to bring Do Kwon’s ‘crimes’ to light

Hacktivist group Anonymous has pledged to “make sure” Terra co-founder Do Kwon is “brought to justice as soon as possible” in regard...

SEC requests comments on the guidelines for ICO portals

To avoid conflicts of interest and clarify the rules of outsourcing, the Securities and Exchange Commission (SEC) asks the public for feedback...
- Advertisement -

More Articles Like This