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Home Tech News Global Tech News

Duplo foresees global trade shift enhancing B2B payments across Africa

Saibu Grace by Saibu Grace
August 19, 2024
in Global Tech News
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Duplo foresees global trade shift enhancing B2B payments across Africa

Duplo foresees global trade shift enhancing B2B payments across Africa

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Duplo, the leading provider of payment, spend, and vendor management solutions for African businesses, predicts that changing global trade patterns and new payment solutions will boost cross-border B2B payments in Africa and unlock the full potential of intra- and extra-continental trade.

The third of Duplo’s annual B2B payment report, “The State of Cross-Border B2B Payments in Africa and its Impact on Trade,” examines vital intra- and extra-African trade drivers, the current state of cross-border B2B payments in Africa, and the future.

Read also: Africa’s top VC firm Founders Factory Africa rebrands as 54 Collective

Optimising B2B payments across African borders

The paper estimates that intra-African trade was $193 billion in 2022, 13.8% of overall African commerce. This figure may underestimate intra-African trade because much cross-border trade is informal and underreported.

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Cash accounts for 40% of East-West African cross-border trade payments, with underreporting ranging from 12% to 76%. Despite hefty transaction fees and long processing times, traditional banking channels dominate large-value formal cross-border B2B payments.

These realities highlight the need for B2B cross-border payment solutions that accurately collect and efficiently process these transactions.

Integration of payment systems is also difficult in cross-border transactions. The survey found that less than half of Africa’s 32 immediate payment systems function together.

The Pan-African Payment and Settlement System (PAPSS), though young, is essential for simplifying and formalising trade throughout the continent.

Read also: Bayobab partners with Eutelsat on LEO satellite to connect Africa

How do cross-border payments impact African businesses?

African trade value has stayed at 3% of world commerce. The rise of Asian economic powerhouses, the US-China multi-polar world order, and other global events suggest a shift in global trade patterns.

Effective B2B cross-border payment solutions will increase trade across and outside the continent and improve transparency, efficiency, transaction costs, and other benefits.

Speaking on the findings, Duplo CEO and co-founder Yele Oyekola said that as businesses navigate new opportunities and challenges posed by changing global trade patterns, there is an increasing need for efficient and cost-effective cross-border payment solutions.

According to their analysis, technology is crucial to circumventing traditional banking limits.

They believe enterprises can maximise intra- and extra-African commerce by adopting these new technologies, boosting economic growth across the continent.

The State of Cross-Border B2B Payments in Africa and its Effects on Trade are available for free from Duplo’s website.

Tags: Duplo
Saibu Grace

Saibu Grace

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