Africa has made real progress in the fintech & banking space. Yet, so far, I have not seen any fintech or payment company that has fixed this financial services friction. I return back to it after months of posting it. If you know any firm that has fixed it, let me know. For the continent to thrive, it needs to be part of the equation. Simply, an Africa-wide single bank account.
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.