The acceleration of globalisation in the 18th century has increased global interactions, which has caused a growth in international trade and the exchange of values, ideas, cultures, and beliefs. The expansion of global markets has made economic activities between countries and continents easier and faster.
Yet, despite this era of globalisation, where everything from ideas to business partners and customers from anywhere in the world is a click away, the ease in the exchange of value (money) has not grown at the same pace, especially in Africa. Critically, considering how important money is in implementing business ideas and opportunities, the difficulties in cross-border transactions remain a spanner in the works for businesses across Africa.
For businesses across Africa to compete with the global standards in operation efficiency, ease of doing business etc., the facilitation of cross-border transactions across the continent has to get better. There are still significant obstacles with the traditional payment channels for African businesses looking to expand or scale. Businesses across the continent still struggle with access to foreign currencies to make payments to trade. There is still that growing risk aversion from global banks concerning transacting with African banks.
With over 70% of the more than 100 million businesses in Africa facing these cross-border payments challenges, fintech companies are providing solutions, and Fincra is leading the mission of transforming the payment landscape in the continent.
With Fincra’s stack of payment infrastructure and APIs focused on helping businesses with payment solutions, we offer products and features that make cross-border payments as easy as sending a text message.
For this article, we will be focusing on sending money to Ghana.