According to the African Export-Import Bank's African Trade Report 2024, intra-African trade increased by 7.2% in 2023, reaching $192 billion. This rise in Intra-African trade is powered by digital transformation, entrepreneurial ambition and policy-level efforts like the African Continental Free Trade Area (AfCFTA). However, despite this momentum, sending and receiving money across African borders remains a significant bottleneck. Cross-border payments are often hindered by high transaction fees, regulatory inconsistencies, currency volatility and disjointed payment systems. These challenges slow down trade, drain revenue and limit business potential.
The AfCFTA seeks to create a single continental market for goods and services, aiming to eliminate trade barriers and encourage seamless movement of capital. But realising this vision depends heavily on a reliable financial infrastructure. For African businesses looking to scale, the lack of streamlined cross-border payment solutions directly affects their ability to grow, serve customers across borders and manage cash flow efficiently. Addressing these payment challenges is crucial to fully realize the benefits of increased intra-African trade and the objectives of the AfCFTA
This blog explores the complex state of cross-border payments in Africa and how SeerBit is bridging the gap with secure, intelligent solutions designed for the continent.
As more African businesses look outward, the limitations of the current cross-border payment landscape are becoming increasingly evident. For all the promise of regional trade, many businesses still grapple with the same old problems: complex regulatory environments, a lack of infrastructure and financial exclusion. The following issues highlights the current state of cross-border payment in Africa
African countries each operate under different financial regulations, tax systems, and Know Your Customer (KYC) frameworks. This lack of regulatory harmony makes it difficult for businesses to scale efficiently across borders. Payment systems that work seamlessly in one country often fail to integrate with those in another, requiring workarounds that are both costly and inefficient.
Adding to this is the limited interoperability between national payment infrastructures. Many local payment providers and banks are not connected across borders, meaning transactions must be routed through correspondent banks or intermediaries, sometimes outside Africa. This process increases transaction times and adds layers of complexity and cost.
Cross-border payments in Africa are among the most expensive in the world. According to the World Bank, the average cost of sending money within Africa can reach as high as 8–10% per transaction. Delays are also a common problem as payments can take days or even weeks to clear, particularly when they require manual verification or pass through multiple intermediaries.
These inefficiencies hurt both large enterprises and SMEs, draining working capital and creating barriers to trust and reliability in trade relationships.
Currency volatility is another critical issue. Exchange rates often differ widely between official and parallel markets, creating uncertainty for businesses and eroding profit margins. In some countries, foreign exchange controls limit access to hard currencies, further complicating international trade.
The result is a fragmented market where currency conversion becomes a hurdle instead of a bridge, discouraging trade, delaying transactions and limiting transparency.
A lesser-discussed but equally important challenge is the lack of visibility into cross-border payment data. Businesses often struggle to track transaction statuses, verify settlements, or reconcile payments efficiently. This creates significant back-office workload and raises the risk of fraud or accounting discrepancies.
For many businesses across Africa, the challenges outlined above manifest in ways that affect daily operations and long-term strategy.
Unpredictable payment settlement times can paralyse business operations. Without timely access to funds, businesses face difficulties in paying suppliers, managing inventory, or investing in growth. These delays are especially damaging for SMEs, which typically operate on tighter cash flow margins.
When customers encounter friction in making payments, such as failed transactions, unclear exchange rates, or delays, they’re less likely to return. This undermines customer loyalty and damages brand reputation. Inconsistent experiences across markets also make it hard for businesses to offer standardised service quality.
Navigating different regulatory environments across countries demands expertise and resources that many businesses simply don’t have. Compliance with AML (Anti-Money Laundering) and KYC regulations is essential, but managing this across multiple jurisdictions can be overwhelming and error-prone without the right systems in place.
Finally, businesses without a unified, cross-border payment solution find it difficult to scale. Every new market means setting up new banking relationships, understanding new regulations, and creating new processes. This slows down expansion and introduces unnecessary complexity.
SeerBit provides an Africa-focused payment infrastructure that removes the guesswork and inefficiency from cross-border commerce. Our solutions are tailored for the continent’s regulatory, financial and operational realities. The following features helps us solve these problems:
With SeerBit, businesses can accept and send payments across multiple African countries through a single API. This reduces technical overhead and allows seamless integration into existing systems, enabling businesses to scale across borders without rebuilding their payment processes from scratch.
Our platform offers real-time foreign exchange support with transparent, competitive rates. Businesses can process transactions in local currencies and receive settlements in their preferred currency, removing the uncertainty and friction often associated with currency conversions.
SeerBit’s smart routing technology ensures that transactions are processed through the fastest and most reliable channels available. This minimises delays and increases settlement speed, helping businesses maintain cash flow and improve customer satisfaction.
We understand Africa’s diverse regulatory landscape and offer tools that help businesses stay compliant. From automated KYC verification to AML checks and local tax considerations, SeerBit helps businesses manage cross-border compliance with confidence.
The true measure of a payment partner lies in its impact on growth, efficiency, and scalability—and that’s exactly what SeerBit delivers.
While many African businesses are still navigating the complexities of cross-border expansion, some have started to thrive by embracing technology-driven, efficient payment solutions. For example, Jumia, the pan-African e-commerce platform, has made significant strides in operating across multiple African countries by optimising local and cross-border logistics, digital payments, and customer experience. Though not a SeerBit client, their experience underscores how businesses in sectors like retail and logistics can scale effectively when the right infrastructure, especially for payments, is in place.
This points to one fact: businesses that invest in solving their payment inefficiencies early gain a clear competitive edge in Africa’s growing regional trade ecosystem.
With seamless cross-border payment support, SeerBit clients are better positioned to capture revenue from new customer segments. By eliminating the technical and financial friction associated with regional trade, businesses are empowered to offer their products and services in more markets without delay.
SeerBit’s dashboard gives businesses visibility into all their transactions across markets. With real-time reporting, multi-currency settlement, and reconciliation tools, finance teams can manage cash flow, forecast revenue and make informed decisions across regions, leading to better financial performance and strategic agility.
The future of trade in Africa is borderless, and payments must catch up. The African Continental Free Trade Area (AfCFTA) presents enormous opportunities to unlock intra-African trade, encourage regional integration, and elevate the continent’s economic standing globally. However, its success will hinge on how well businesses can move value quickly, safely and affordably across borders.
At SeerBit, we believe in an Africa where payments no longer limit potential. Our mission is to build a unified payments ecosystem that helps businesses of all sizes expand boldly across the continent. By removing financial friction and embracing smart, secure technology, SeerBit is laying the groundwork for a truly borderless Africa.
Ready to simplify how your business moves money across Africa? Discover how SeerBit powers smarter cross-border payments built for the continent.