- Euronet, a major provider of fast money transfers and financial technology solutions, has confirmed a new partnership with AeTrade.
- It is thought that 44 of the 54 nations in the African Continental Free Trade Area will benefit initially.
- “Our past experience and successful track record in re-wiring the global financial infrastructure to better serve businesses and consumers ensures we have the expertise to deliver results for this crucial project and increase the financial participation of African citizens for generations to come,” said a senior figure at Euronet.
Euronet, a major provider of fast money transfers and financial technology solutions, has confirmed a new partnership with AeTrade.
The new arrangement will create a multiple-channel, instant international payments service for Africa.
It is thought that 44 of the 54 nations in the African Continental Free Trade Area will benefit at first.
The Ren payments technology, which was developed by Euronet, will be used as part of the new service.
The partnership’s beneficiaries will be expected to include financial institutions, small to medium-sized enterprises, regional processors and regional mobile wallets.
In a statement, Michael J. Brown, the President and CEO of Euronet, said that the company had been working on financial inclusion projects for nearly three decades.
“For almost 30 years now, we have been diligent in bringing financial inclusion to people wherever they are through our core values of innovation and hard work,” said Brown.
“This project, where our Ren payments technology will serve as the real-time payments switch across the African continent, provides one of the biggest milestones in this journey,” he continued.
“Our past experience and successful track record in re-wiring the global financial infrastructure to better serve businesses and consumers ensures we have the expertise to deliver results for this crucial project and increase the financial participation of African citizens for generations to come.”
AeTrade, meanwhile, said that the service they will build together will be “interoperable”.
“Together with Euronet, we are building an interoperable payment system that serves as a backbone to support multiple services by the AeTrade Group including SME e-empowerment services, SME insurance services, e-government services, smart logistics and warehousing capabilities across Africa,” explained CEO Mulualem Syoum.
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