Nigerian, African business facing hitches in cross-border payments get ready, because a system set to free you from the logjam is ready to roll out.
An initiative of a financial infrastructure firm, Passpoint, its mission is to simplify cross-border payments and operations across Africa, Europe and G20 markets
Passpoint describes the platform as a “financial orchestration layer”, and it integrates payments, compliance, foreign exchange liquidity management and settlement into a single system, addressing longstanding fragmentation across African payment ecosystems.
Speaking about the development, co-founder and chief executive officer, Kelechi Uchegbulem, said the innovation is designed to tackle the structural challenges businesses face when operating across multiple payment systems and regulatory environments.
“The payments infrastructure challenge in Africa is not about moving money.
“Every gateway moves money. The challenge is governing it, routing intelligently across fragmented rails, staying compliant across jurisdictions, managing forex exposure and settling predictably across markets,” he said.
He added that the platform provides a unified layer that enables businesses to operate across markets without having to build separate integrations for each payment provider.
Passpoint platform comes with many advantages and introduces capabilities such as:
- intelligent transaction routing
- embedded compliance processes
- multi-currency treasury management and
- unified settlement reporting through a single application programming interface (API).
“The businesses building at the frontier of African and global commerce are not asking for a better gateway”, Co-founder and chief commercial officer, Adejuwon Oyebanjo says.
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He added: “They are asking for control over routing, forex exposure, compliance and settlement. That is what orchestration means in practice,” he said, adding that the platform is a more comprehensive control system for financial operations and represents a shift from traditional payment gateways
According to the company, businesses using the platform report lower operational overheads, improved transaction success rates and reduced forex costs.
Thus, cross-border payments have been made easier for businesses even as confidence of operators have also been boosted through the platform.
Confidence of prospective users also lies in the fact that the company already has the Central Bank of Nigeria license for the platform.
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