In line with our new mission and vision, our Chief Executive Officer (CEO) Wole Ayodele has been speaking about the enormous task we are embarking on in building the rails for an integrated Africa.

Solving cross-border challenges in Africa is a deep-seated task for us at Fincra, and it was the crux of our CEO’s comments at the recent Africa Tech Summit (ATS) in Kenya.

In a panel session titled Building for Africa’s Diverse Markets: The Role of Cross-Border Payments in Scaling, Ayodele centered his conversation on the challenges hindering the growth of cross-border payments in Africa.

This article explores three key insights from his session.

Throughout the session, our CEO stressed the absence of the primary rails on which cross-border payment solutions will be built in Africa. 

Unlike global players like Revolut or Wise, which leverage established infrastructure, African fintechs face a different reality. 

“The stack for what they (Revolut and Wise) did it (launched) was to acquire an EMI (Electronic Money Institution) license, partnered with a bank to issue accounts for businesses, then they probably went to GP Morgan and Citibank and took some APIs for G20 FX. 

“But here is the key part: they never get to solve the problem of converting GBP [Great British Pound) to Euro or Euro to USD [United States Dollar] because rails and infrastructure already exist.” 

In contrast, Africa lacks such foundations. “If you want to make cross-border payments across Africa today, what method can you use to send money from Nigeria in Naira, and the beneficiary receives it in Cedi in Ghana? What rails are you going to build that on; it doesn’t exist,” Ayodele explained. 

This gap forces African FinTech platforms to use unconventional workflows like giving quotes and rates via WhatsApp groups. “At Fincra, foreign treasurers are always shocked that we are giving them rates on WhatsApp. Because they are used to sitting down on Bloomberg [Terminal] looking at all the rates across all the markets they operate.” 

However, In Africa, “you have to be in WhatsApp groups… one group with Verto [FX], one with Fincra, another with Leatherback.” 

This patchwork approach underscores a broader issue: cross-border payments in Africa are not just about technology but solving an ‘FX problem’ tied to liquidity and currency conversion. 

He suggested that the solution lies in “taking those WhatsApp conversations where trades are happening, those emails, and putting APIs behind them” to build reliable infrastructure.

Our CEO also tackled the frustrating licensing issue, describing it as a significant blocker to scaling cross-border solutions across Africa.

He argued that African regulators often treat licenses’ like gold’, creating a politicised and opaque process that stifles innovation.

“At Fincra, we had our license in Canada within six months without stepping foot in Canada,” he noted, contrasting this with the tedious process in many African countries, where “people spend two to three years getting licenses because the regulators are putting a cap on the number of people that can get licenses.”

The consequences are profound. The CEO emphasised that “a license means that a company like Fincra can come and bring our innovative solution that will eventually help and develop a market.” He pointed to the success of companies like Paystack and Flutterwave, stating, “If Paystack and Flutterwave did not exist today, everything we are saying about fundraising for startups and businesses coming on the internet doing great things would not happen.”

Yet, regulatory hurdles—such as demands for bribes or unwritten biases against foreigners—hinder progress.

His message to regulators was clear: “Every African regulator that treats the license like gold, you are doing your country more harm than good.”

Finally, the CEO underscored the importance of collaboration across the whole ecosystem to realise the dream of seamless cross-border payments in Africa. 

He described the stakeholders involved: “Banks, telcos, regulators, remittance companies, FX brokers, PSPs, global businesses, interbank market stable coins, cash, manufacturers, B2B fintech platforms, APIs—it’s a very big picture.” 

“The dream of where Africa should be in cross-border payments cannot be achieved even just by collaborating with just banks and telcos and regulators; it’s everybody,” he added.

This call for unity reflects the complexity of the challenge. No single entity can build the rails alone, be it a fintech, bank, or regulator. 

The CEO’s vision is one of collective action, where diverse players align to create the infrastructure that supports Africa’s diverse markets. 

By integrating these stakeholders, the continent could move from WhatsApp-based trades to an automated, API-driven ecosystem that rivals global standards.

Our CEO was at ATS, passionately sharing Fincra’s mission and vision with the audience. In a compelling presentation before the panel session, he urged for united efforts to empower Africa through collaboration.

At Fincra, we are deeply committed to facilitating cross-border payment and recognise its vital role in Africa’s progress.

By enabling seamless cross-border payment solutions, we open doors to trade across the continent and beyond, streamline remittances, and tap into the vast potential of our youthful talent pool.

These factors drive economic growth, widespread prosperity, and liberation.

We know that we cannot achieve this ambitious goal on our own. It requires the collective support of governments, regulators, entrepreneurs, and innovators from all sectors. This is the foundation of the Afincran initiative for like-minded visionaries dedicated to building solutions for Africa.

Read more about Afincran movement here.