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By Chinwendu Obienyi
A wave of digital transformation is poised to reshape cross-border trade across Africa, with the Ecowas Loading Point in Ebute Ero, Lagos, serving as the launchpad. MTN’s Mobile Money (MoMo), and the West Africa Association for Cross-Border Trade in Food, Agro-sylvo-pastoral and Fishery Products (WACTAF/AOCTAH) recently collaborated on an awareness session, to empower traders with a revolutionary new approach to cross-border transactions.
Traditionally, cross-border transactions have been hampered by cumbersome procedures, lengthy turnaround times, and complex currency exchanges. The partnership addresses these challenges head-on. MoMo’s established presence in several African nations, including Nigeria, Ghana, Kenya, Malawi, and South Africa, provides a secure and convenient alternative. By leveraging the power of mobile money technology, MoMo eliminates the complexities of traditional methods, enabling faster and more efficient cross-border transactions.
The awareness session, led by Alhaji Salami Nasiru Alasoadua, Executive President, WACTAF, and senior officials from MoMo, including Adoma Owusu, General Manager, Business Development & Expansion, MTN Group FINTEC; Etienne Ardon, Executive, Remittance and FINTECH Business Development, MTN Group FINTECH; Abiodun Odelola, Manager, Communications, MoMo PSB; Adeyemi Odubajo, Tajudeen Omokide, Head of Distribution, MoMo PSB; and Adejumoke Abolade, Account Partner, MoMo PSB, among others, generated significant interest among the attending traders.
Commenting on the partnership, Eli Hini, CEO of MoMo PSB Nigeria, expressed his enthusiasm for its potential to transform cross-border trade across Africa. “This collaboration with WACTAF/AOCTAH is a strategic move that will support the digital advancements and financial inclusion we are currently witnessing in Africa. We are excited about this partnership because of its impact on our drive for financial inclusion and ease of payment in Nigeria and cross border. By introducing digital tools like MoMo into the hands of traders, we’re making cross-border trade more efficient and accessible. This initiative is not just about facilitating transactions; it’s about revolutionizing trade across our continent. We’re not simply changing how trade is conducted; we’re stimulating economic growth and fostering a prosperous, interconnected Africa.”
The session witnessed a palpable sense of excitement as the MoMo team guided traders through the onboarding process. This collaboration sets a precedent for leveraging technology to streamline trade and unlock its full potential. By embracing digital solutions like MoMo, traders across Africa can benefit from faster, more efficient, and cost-effective cross-border transactions, ultimately propelling the continent’s economic growth.
