Africa needs sound and robust banking regulatory frameworks to encourage effective electronic payment systems. This is according to Brad Gillis, BankservAfrica’s CEO of their regulated products cluster.
According to Gillis, electronic banking is still growing in Africa. However, payment systems are fragmented due to the fact that the banks in many countries have their own localised payment systems.
This has resulted in a lack of interoperability between banks’ interbank payment systems, requiring customers to communicate with each bank individually when they conduct transactions.
Read the full article on BizTech Africa.