![The Digital Product No Fintech Or Bank Is Building in Africa [Video]](https://www.tekedia.com/wp-content/uploads/2019/01/bank-768x360.png "The Digital Product No Fintech Or Bank Is Building in Africa [Video]")
In this videocast, I discuss the need to build a truly pan-African digital remittance/transfer banking product which is agnostic of location or currency in Africa. None of the products we have today meets that standard. Largely, I envisage a situation where all you need to buy and sell across Africa is one bank account in just one African Union country.
With that, you do not have to even think about the specific currency of that account as technology will seamlessly make it possible to access other African markets for payments, transfer, etc. The banks or fintech companies must still comply with all regulations related to international transfers, forex, etc. The only difference is that customers will not see them as they will be hidden with technology.
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The underlying problem here is forex control regulations in specific markets.
These control policies meant to protect local currency fluctuations and capital flight would see such an app be shut down be regulators.
The solution therefore would need an inbuilt means of protecting both traders and federal banks from effects of fragile and volatile currencies like those of south Sudanese & Zim dollars and malawian kwacha.
Sure – you have said it all. But provided those protections can be done in the physical space, I do believe that we can build such in software also.
I like this kind of innovative sir