INFITX is pleased to announce that we have been selected to deliver the COMESA Cross Border Digital Retail Payments Platform project. This selection is a significant step in our ongoing work to develop innovative digital payment solutions to improve cross-border transactions and promote financial inclusion across the COMESA region.
The COMESA (Common Market for Eastern and Southern Africa) initiative aims to create a streamlined and secure regional payment ecosystem. INFITX is excited to contribute to this vision. This project includes integrating foreign exchange (FX) capabilities into the regional hub, allowing Digital Financial Service Providers (DFSPs) to connect seamlessly to the regional payment platform. This will enable smoother, faster, and more cost-effective cross-border transactions, making it easier for businesses and individuals to transact across borders.
Key Features of the Solution
- FX Integration: By embedding foreign exchange capabilities directly into the payment platform, we aim to simplify the complexities of cross-border transactions. This will allow users to transact across different currencies without needing separate FX arrangements, significantly reducing transaction costs and improving efficiency.
- DFSP Connectivity: Our work will support the integration of DFSPs with the regional payment platform, creating a unified system for cross-border payments. This will make it easier for financial institutions to access and operate within the COMESA payment ecosystem, benefiting merchants and consumers. We also want to acknowledge the importance of our partners in this area. Their contributions, from enhancing products that enable DFSP participation to forming strategic partnerships, play a key role in ensuring the platform’s functionality and success for all involved.
- Economic Growth and Financial Inclusion: This project is expected to contribute to regional economic growth by enabling more efficient cross-border transactions. It will also promote financial inclusion by giving individuals and businesses easier access to digital payment systems, allowing them to participate more fully in the regional economy.
As INFITX, we will strive to achieve several key goals in the completion of this project by ensuring :
- Seamless Integration: We will prioritise the smooth and efficient connection of DFSPs to the regional platform, ensuring that the system operates reliably for all stakeholders.
- Secure and Reliable Infrastructure: Building a robust infrastructure that supports seamless transactions is a top priority as we work to ensure that users experience a safe and efficient payment process.
- User-Friendly Design: We will focus on creating an intuitive, user-friendly platform that allows all users, whether businesses or individuals, to participate in the cross-border payment system.
In terms of development, we are particularly optimistic about the possible positive outcomes this project will have on the societies, businesses, and economies of the COMESA region. Considering the implementers of the Fraud and Risk Management Service module as well as our partners, we shall offer an integrated problem-resolving mechanism that meets most of the demands of any trade participant. Together, we aim to create a payment platform that brings lasting benefits and opens up new growth opportunities.
Our key partners in this project include:
- Mojaloop Foundation: An open-source software platform designed to enable interoperability between digital financial service providers (DFSPs) and other payment entities, promoting financial inclusion.
- Tazama Project in the Linux Foundation: A nonprofit organisation focused on economic development and financial inclusion, specifically tasked with managing the Financial Risk Management System (FRMS) as part of the project. Their financial technology and risk management expertise ensure a secure and stable cross-border payments platform.
- iZyane InovSolutions Ltd.: A local technology partner with extensive experience in developing solutions for the region, iZyane brings valuable on-the-ground insights and technical capabilities to the project.
We look forward to delivering results that align with the COMESA project’s goals and advance the broader vision of financial inclusion and economic growth throughout the region.
