Cross-border payments refer to financial transactions in which the sender and receiver are located in different countries. These payments often involve multiple currencies and must navigate various regulations and banking systems. They can be made through bank transfers, digital wallets, or card-based transactions by individuals, businesses, or financial institutions.
The G20 Heads of State and Government Summit is set to take place in Johannesburg next month, after which the United States will assume the Presidency. Kganyago was speaking on the sidelines of the International Monetary Fund and World Bank Annual Meetings in Washington, DC.
“Sub-Saharan Africa has one of the highest costs in terms of cross-border payments, and it was very important that we elevate that work. We have made significant progress and have identified specific payment corridors. In Southern Africa, within the Southern Democratic Development Community, we have now established a structure of governors that oversees the issue of cross-border payments. We are working with both the IMF and the World Bank,” said Kganyago.
–SABC/ChannelAfrica–
