Business

Digital infrastructure vital for Africa – Afreximbank

KALONDE NYATI, Lusaka
AS the continent moves towards a single market through the African Continental Free Trade Area (AfCFTA), digital infrastructure needs to be accelerated to ease the transfer of money across the continent and flow of information, the African Export and Import Bank (Afreximbank) has said.
Afreximbank executive vice-president George Elombi said with the continent being burdened by conversions between local currencies, solutions such as digital payments are cardinal.
Dr Elombi said African businesses continue to spend more than US$5 billion per year on intra-regional transaction costs and conversions between local currencies, and tearing down the barrier will require continent-wide solutions.
He said the need for infrastructure investment extends beyond hard and physical projects such as transport, energy and CLICK TO READ MORE




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