The African fintech ecosystem is currently thriving; the drive to increase financial inclusion has led to a proliferation of fintech solutions and extensive backing from investors. Cross-border banking, instant payments, and other solutions made possible through technology have made financial services more accessible. According to a McKinsey report, domestic and cross-border e-payments on the continent generated $24 billion in revenues in 2020 and about $15 billion was domestic payments. These numbers are expected to continue to grow as more fintechs spring up and a look at the import-export numbers from the Nigerian National Bureau of Statistics (NBS) should give an idea of how much the cross-border payments industry is essential to businesses.

Small and medium enterprises (SMEs) dominate the African business landscape and these businesses rely on imports, exports, and cross-border financial systems. Fintech solutions have played a major role in making these cross-border transactions smoother and easier for these businesses. They have also helped a lot of these SMEs expand their reach from offline to online, increasing e-commerce transactions. During and post the COVID-19 pandemic online shopping increased with countries like Kenya and Ghana witnessing a 79% increase in e-commerce. The increase in payment solutions and e-commerce opportunities has allowed Africans to conduct business internationally, access global opportunities, and connect with the world at large.

Fintech solutions and the possibilities they bring represent a major opportunity for growth on the continent. They play a pivotal role in boosting entrepreneurship in Africa, empowering businesses to embrace international opportunities, and paving the way for African prosperity globally. But despite these advancements, there are still challenges plaguing the fintech industry in Africa and globally. As fintech has brought new tools and solutions, these tools also come with their own set of issues. Businesses, customers, and other individuals still face problems with the cost and speed of financial transactions both locally and across borders. Cross-border transactions are often facilitated through multiple banking intermediaries, this increases the costs of payments which contribute to operational costs for businesses and slows down the speed of transactions. Most cross-border payments are also converted to the dollar and many businesses cannot make payments in local currencies. The cost of sourcing foreign exchange (FX), lack of availability of FX, and fluctuating exchange rates also add to the increase in costs and slow down the speed of cross-border transactions.

The Payaza solution
Businesses need innovative solutions that can improve these cross-border transactions and reduce costs. If costs can be reduced then businesses can expand globally and do so even quicker. Payaza Africa is at the forefront of innovative and cost-effective payment solutions. The fintech’s solution is a game changer in the African payment ecosystem and it stands out by making it possible to perform cross-border payments instantly and at very affordable rates. It is a solution for businesses with multiple stores or services (branches) and it offers these businesses the opportunity to conduct business in multiple regional markets from one platform and one provider.

Payaza has created a system that simplifies instant and bulk payouts (locally and internationally). The system streamlines the payment process so businesses know what they will pay upfront without performing multiple transactions with multiple providers. This streamlined process significantly reduces costs and increases speed allowing African businesses to prosper. Payaza also enables businesses to collect payments via multiple payment options including pay with transfer, bank, mobile money, and card. With this platform, businesses can receive payments internationally and boost revenue through FX. Its suite of collections solutions covers the needs of online and offline SMLEs (Small, Medium, and Large-scale Enterprises). These collection solutions include direct API Integration, dashboard access,the creation of payment pages to share via simple links and setting up recurring payments (subscription plans) . Payaza also gives out business loans to customers using its platform.


Payaza operates with deep knowledge of African markets which has helped them better understand what the locals need on the ground. The company espouses a mission to make global payment solutions readily available on the African continent. With their payment solutions, businesses of any size can thrive and scale faster in an evolving global business landscape.

Sign up to use Payaza for your business transactions and experience cheaper, faster, and more secure transactions. You can also find Payaza on Twitter, Facebook, and LinkedIn or reach out via email

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