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G20 finance folk to focus on easier, cheaper cross-border payments in Africa

^{Published on 2024-12-12 06:40:49 - businesslive.co.za}
 

• Sending remittances globally costs about 6.65% of the amount sent, and cutting prices by at least five percentage points could save $16bn

The article from BusinessLive discusses the G20's focus on enhancing cross-border payments in Africa, aiming to make them easier, cheaper, and faster. This initiative is part of a broader effort to improve financial inclusion and economic integration across the continent. The G20 finance ministers and central bank governors are exploring various strategies, including leveraging technology like blockchain and digital currencies, to reduce the cost and time associated with international transactions. The discussions also highlight the potential benefits for small businesses and individuals, who often face high fees and delays when sending or receiving money internationally. Additionally, the article touches on the challenges such as regulatory differences, infrastructure deficits, and the need for harmonized policies to facilitate these improvements. The G20's commitment is seen as a step towards reducing economic disparities and fostering growth in Africa through better financial connectivity.

Read the Full businesslive.co.za Article at:
[ https://www.businesslive.co.za/bd/economy/2024-12-12-g20-finance-folk-to-focus-on-easier-cheaper-cross-border-payments-in-africa/ ]

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