Euronet Worldwide and AeTrade bring cross-border payments to Africa

By Gloria Methri

Payments provider Euronet Worldwide has announced its collaboration with the Africa Electronic Trade Group (AeTrade) to give digital payments a wider reach in Africa.

The two firms are aiming to build a multi-channel, real-time cross-border payments gateway, or “switch” for the African continent.

The Euronet-powered payment technology will become the financial foundation for 44 countries in the African Continental Free Trade Area, (AfCFTA) and will enable central banks, regional processors, financial institutions, mobile wallets, and SMEs to complete transactions between each other in real-time.

Michael J. Brown, President, and CEO of Euronet is optimistic about what this partnership means for the expansion of digital payments in Africa.

“This project, where our Ren payments technology will serve as the real-time payments switch across the African continent, provides one of the biggest milestones in this journey. Our experience and successful track record in re-wiring the global financial infrastructure to better serve businesses and consumers ensures we have the expertise to deliver results for this crucial project and increase the financial participation of African citizens for generations to come,” he said.

The AeTrade Group is a social enterprise with a mission to develop a continent-wide e-commerce platform and capabilities that enhance intra and inter-African trade and implement an e-empowerment program for Africa.

Speaking of the switch payments solution, Mulualem Syoum, CEO of AeTrade Group said, “Together with Euronet, we are building an interoperable payment system that serves as a backbone to support multiple services by the AeTrade Group including SME e-empowerment services, SME insurance services, e-government services, smart logistics and warehousing capabilities across Africa.”

“We are convinced that this is a game-changer and will be a catalyst to stimulate investment and inclusive growth into diverse sectors of the African economy.”