Africa Electronic Trade Group (AeTrade) has collaborated with a global fintech and payment service provider Euronet Worldwide, Inc. for developing a real-time and multi-channel cross-border payment platform for the African population.
AeTrade Group is an organization with an aim to provide and create a continent-wide eCommerce platform and skills to improve inter and intra-African trade and execute an e-empowerment program for Africa.
Euronet Worldwide is a pioneering financial technology and payment service provider offering transaction and payment processing services to financial organizations, service providers, merchants, and other consumers. The services consist of POS, ATM, and card services.
Michael J. Brown, President and CEO of Euronet, commented, “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. 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. 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.”
The Euronet-backed payment solution will function as the financial foundation for 44 out of 54 countries in the African Continental Free Trade Area (AfCFTA). Leveraging Euronet’s Ren payments technology, this platform will allow the central banks, financial institutions, regional processors, SMEs, and local digital wallets to process the transactions with ease in real-time and take advantage of new benefits of the banking capabilities
AeTrade and AU are further strengthening their already existing collaboration by the option to deliver financial services to the continental market in compliance with AU’s Smart Finance and Digital Banking initiative. AeTrade opted for Euronet’s Ren payment technology to develop the African payment platform.
Mulualem Syoum, CEO of AeTrade Group, stated, “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. We are convinced that this is a gamechanger and will be a catalyst to stimulate investment and inclusive growth into diverse sectors of the African economy.”