Thousands of people across Africa, especially women and youth, rely on Informal Cross-Border Trade (ICBT) for their livelihoods. However, this sector continues to face numerous challenges, including limited access to forex, formal financial services, digital tools, consumer protection, and tailored financial products. High transaction costs, complex account opening procedures, and cultural barriers further compound the problem.
To address these barriers, the COMESA Business Council (CBC) and its partners are developing a Digital Retail Payments Platform powered by financial technology. This platform aims to support micro, small, and medium enterprises (MSMEs) while promoting digital financial inclusion across the COMESA region and the broader African continent.
According to Dr. Jonathan Pinifolo, Chief Operating Officer of the Digital Financial Inclusion (DFI) Program at CBC, the platform will connect commercial banks, mobile network operators, FinTechs, and microfinance institutions (MFIs), enabling seamless transactions across borders.
“We are developing a regional platform that allows traders across COMESA to send money from one country to another easily,” Dr. Pinifolo explained. “It will also incorporate an e-commerce component, allowing traders to access market information and sell products online.”
Key features of the platform include interoperability with existing payment systems, local currency transactions, improved access to finance, and market insights. By extending its reach geographically, the platform aims to create new opportunities for traders who were previously constrained by limited market access — an issue that became even more critical during the COVID-19 pandemic.
The initiative was officially showcased on Day One of the #40Days40FinTechs Zambia & Malawi Edition, a regional expansion of the successful East African series that has profiled over 200 FinTech innovators across Uganda, Kenya, Rwanda, and Tanzania in the past five years.
Dr. Pinifolo commended HiPipo for its partnership and consistent efforts in driving digital and financial inclusion across Africa. “Our collaboration with HiPipo has grown significantly over the past two years, from initial conversations to joint projects delivering real impact to last-mile users,” he said. He also extended gratitude to the Gates Foundation for its continued support.
The #40Days40FinTechs initiative not only highlights cutting-edge innovations in the financial sector but also connects start-ups with essential tools and frameworks like the Level One Project, Mojaloop Open Source Software, and inclusive finance systems that enable them to better serve underserved communities.
