In a bold move that could redefine cross-border commerce in Africa, a Nigerian fintech startup,Cardri has entered the financial technology scene with an objective to simplify and accelerate payments across African borders.
Despite the African Continental Free Trade Area (AfCFTA) promising to unify Africa’s trade ecosystem, intra-African payments remain a persistent challenge. Over $5 billion is lost yearly due to bottlenecks such as high transfer fees, currency fragmentation, and prolonged settlement, and the cost of doing business within Africa often outweighs the benefits.
The CEO/founder, Cardri, Bolaji Okunade, said: “It’s easier to send money from Lagos to London than it is to send from Lagos to Lomé. That’s not just a financial problem; it is a structural failure we are determined to fix.”
At the moment, 42 currencies operate across the continent, and most intra-African transactions are routed through foreign intermediaries,primarily in Europe or the US, driving up costs and causing significant delays.