Leaders Sought Harmonized African Payment Regulations
Business representatives met in Abidjan on July 22, 2026, to discuss reducing cross-border payment costs.
Updated on Oct. 12, 2026 in Financial Services
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Business leaders gathered in Abidjan on July 22, 2026, to advocate for harmonized financial regulations and broader access to settlement facilities. The forum aimed to address the current barriers that complicate cross-border transactions for non-bank payment providers.
Why it matters
Current regulations force non-bank providers to rely on banking intermediaries, resulting in high operational costs and liquidity constraints. Harmonizing these rules is intended to foster competition and lower the expense of sending money across borders.
African cross-border payments reached $329 billion in 2025 and are projected to hit $1 trillion by 2035. The forum included 11 institutions representing banks, fintech firms, and payment providers.
The players
Francophone Africa Leaders Forum
This assembly of industry stakeholders serves as a platform for regional business leaders to coordinate on financial policy and regulatory reform.
The details
Participants proposed new pilot payment corridors between the West African and Central African CFA franc zones to streamline operations. The goal is to expand settlement account access to licensed non-bank providers, moving away from current models that restrict such access to traditional banks.
Timeline
February 2026 marked the start of private sector consultations.
The Francophone Africa Leaders Forum on Cross-Border Payments took place on July 22, 2026.
Total cross-border payments in Africa were measured at $329 billion in 2025.
Cross-border payments in Africa are projected to reach $1 trillion by 2035.
Market Landscape
The proposed harmonization follows the Sustainable Development Goal target remittance cost by attempting to bridge the gap between current market rates and international affordability standards. This move aims to reshape the competitive landscape by reducing dependency on traditional banking intermediaries.
Reduced operational costs for payment providers could eventually translate to lower transfer fees for individuals and businesses sending money across borders. This may lead to greater availability of digital payment options for consumers currently restricted by high transaction expenses.
The takeaway
Harmonizing financial regulations could fundamentally change how money moves across the African continent by removing barriers for non-bank firms. Reducing transfer costs remains a critical step for improving financial inclusion and economic efficiency in the region.
Further reading
Learn more about the latest trends in Financial Services.
Source note: This article includes information reported by Businessday NG.
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