Home Finance How the MoMo PSB, WACTAF, AOCTAH partnership will facilitate cross-border transactions in Africa

How the MoMo PSB, WACTAF, AOCTAH partnership will facilitate cross-border transactions in Africa

by Kikelomo Oyenuga
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Exciting news for African traders! The Ecowas Loading Point in Ebute Ero, Lagos, a central hub for West African trade, is witnessing a significant development that promises to revolutionize cross-border transactions. A strategic partnership between MoMo PSB, and the West Africa Association for Cross-Border Trade in Food, Agro-sylvo-pastoral and Fishery Products (WACTAF/AOCTAH), aims to simplify and secure international business dealings for traders across the continent.

Historically, cross-border transactions have been plagued by complexities, lengthy processing times, and cumbersome procedures. This collaboration directly addresses these challenges. MoMo’s established presence in several African nations, including Ghana, Kenya, Malawi, and South Africa, offers a secure and convenient alternative. By leveraging the power of mobile money technology, MoMo streamlines the process, eliminating the need for lengthy paperwork and complex currency exchanges, enabling faster and more efficient cross-border transactions.

The benefits of this partnership extend far beyond mere convenience. International remittances are the lifeblood of cross-border trade, and MoMo provides a transparent and secure platform for sending and receiving funds. This fosters faster trade cycles, reduced transaction costs, and ultimately contributes to a more robust and integrated continental economy.

Imagine a scenario where:

Payments reach suppliers across borders in minutes, not days.

Businesses save money on exorbitant transaction fees.

Trade flourishes due to the ease and efficiency of financial transactions.

This is the future MoMo and WACTAF/AOCTAH are working towards, unlocking Africa’s economic potential and creating a more prosperous future for the continent.

Commenting on the partnership, Eli Hini, CEO of MoMo PSB Nigeria, expressed his enthusiasm for its potential to transform cross-border trade across Africa. He stated, “This collaboration with WACTAF/AOCTAH is a strategic move that will support the digital advancements and financial inclusion we are currently witnessing in Africa. We are excited about this partnership because of its impact on our drive for financial inclusion and ease of payment in Nigeria and cross border. By introducing digital tools like MoMo into the hands of traders, we’re making cross-border trade more efficient and accessible. This initiative is not just about facilitating transactions; it’s about revolutionizing trade across our continent. We’re not simply changing how trade is conducted; we’re stimulating economic growth and fostering a prosperous, interconnected Africa.”

The event generated considerable interest among the attending traders, with many readily signing up for MoMo wallets. This activation at the Ecowas Loading Point signifies the beginning of a wider initiative. MoMo and WACTAF/AOCTAH working together will act as a catalyst for a wave of digital transformation, empowering traders across Africa. This will foster economic growth and pave the way for a more prosperous and interconnected continent.

This partnership goes far beyond simply streamlining transactions. It dismantles the longstanding obstacles that have crippled cross-border trade, paving the way for a future defined by efficiency, security, and prosperity. As MoMo wallets become commonplace, empowered traders across Africa will unlock the continent’s vast potential, fostering economic growth and nurturing a more interconnected marketplace.

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