The COMESA Business Council (CBC) and its partners are developing a Digital Retail Payments Platform to revolutionize cross-border trade in Africa.
This innovative platform aims to support micro, small, and medium enterprises (MSMEs) while promoting digital financial inclusion across the COMESA region and beyond.
According to Dr. Jonathan Pinifolo, Chief Operating Officer of the Digital Financial Inclusion (DFI) Program at CBC, the platform will connect commercial banks, mobile network operators, FinTechs, and microfinance institutions, enabling seamless transactions across borders.
The platform’s key features include interoperability with existing payment systems, local currency transactions, improved access to finance, and market insights.
It will also incorporate an e-commerce component, allowing traders to access market information and sell products online.
This development is expected to create new opportunities for traders who were previously constrained by limited market access, particularly women and youth who rely on informal cross-border trade for their livelihoods.
The initiative was showcased at the #40Days40FinTechs Zambia & Malawi Edition, a regional expansion of a successful series that has profiled over 200 FinTech innovators across East Africa.
Dr. Pinifolo commended HiPipo for its partnership and consistent efforts in driving digital and financial inclusion across Africa.
The CBC also extended gratitude to the Gates Foundation for its continued support. With this platform, COMESA is poised to transform the cross-border trade landscape, fostering economic growth and development in the region.
