KIGALI, June 21 (Xinhua) -- Intra-African commercial payments has increased significantly, with almost 20 percent of all cross-border commercial payments from African beneficiaries, said a report released Thursday.
The Worldwide Interbank Financial Telecommunication (SWIFT) report said intra-African clearing of payments increased from 10.2 percent in 2013 to 12.3 percent in 2017, indicating that an increasing number of payments are being routed through Africa instead of via the clearing bank outside of Africa.
While North America remains the main payment route of financial flows from Africa, its dominance is declining, said the report released during the 25th African Regional Conference of the global provider of secure financial messaging services.
The share of payments in U.S. dollar originating in Africa has also decreased from more than 50 percent in 2013 to 45.1 percent last year, the report said.
It also indicated that since 2013, almost all African regions have experienced a significant drop in the number of foreign correspondent banking relationships.
"Establishing efficient payment systems across borders in Africa is partly behind the increase of intra-African commercial payments," said Sido Bestani, SWIFT's Regional Director for Middle East, Turkey and Africa.
"Effective and efficient funds transfer system that enhances efficiency and safety of payments is key to facilitate cross-border transactions," said Bestani.
