A major challenge facing cross-border payments in Africa, is the fragmentation of financial systems and regulatory frameworks. With varying banking regulations, payment infrastructures, and currency controls across the continent, transactions often become slow, costly, and inefficient.

This lack of harmonization leads to higher transaction fees and delays, hindering trade and financial inclusion. Channel Africa business reporter Innocent Semosa sat down with South African Reserve Bank, Deputy Governor Dr Rashad Cassim, at the G20 Finance Track meeting currently underway in the country's city of Cape Town.

 Cassim outlined potential solutions to these obstacles.