MSF Africa CEO on how to solve money transfer challenges in Africa amid COVID-19

The COVID-19 pandemic has brought about unprecedented challenges for businesses worldwide, forcing companies to adapt quickly and innovate to survive. Dare Okoudjou, the CEO and Founder of MSF Africa, recently discussed the impact of the pandemic on the financial sector in Africa and the innovative solutions that are emerging to address the money transfer challenges hindering African businesses' growth. Okoudjou highlighted the resilience of the fintech sector amidst the pandemic, emphasizing how digital solutions have facilitated cross-border payments for individuals and businesses across the continent. Despite initial concerns, Okoudjou noted that MSF Africa experienced a surge in activity from April onwards, with sustained growth in business volume and revenue collections surpassing previous years. The shift to remote work has also presented opportunities for talent acquisition on a global scale, enabling companies to hire individuals from diverse backgrounds. However, Okoudjou expressed concerns about maintaining a cohesive company culture without physical interactions among employees. One of the key areas of growth in the fintech sector has been mobile money, which now serves as the primary form of financial access for over 400 million people in Africa. Mobile money has proven to be a vital tool in promoting financial inclusion and resilience during the pandemic. Okoudjou praised the efforts of central banks and policymakers in simplifying access to mobile money through fee reductions and increased transaction limits. MSF Africa has played a pivotal role in supporting businesses like Agro-Processing Company in East Africa, by facilitating payments to millions of farmers digitally. The integration of fintech solutions has enabled SMEs to expand their reach and adopt a digital-first approach to business. Okoudjou noted the increasing trend of young entrepreneurs leveraging technology to overcome traditional barriers and expand their markets regionally and globally. These entrepreneurs are focusing on sectors such as entertainment, fashion, agriculture, education, and healthcare, demonstrating a shift towards digital innovation and problem-solving. Despite the progress made in the fintech sector, Okoudjou highlighted the need for policy frameworks that support seamless cross-border payments and remove barriers to financial transactions between African countries. He emphasized the importance of policymakers and regulators adapting to the changing landscape of digital payments and recognizing the natural integration of cross-border financial activities. Okoudjou called for a shift towards a more unified approach to cross-border payments, akin to the seamless communication experienced through phone calls across borders. Overall, the conversation with Dare Okoudjou highlighted the transformative potential of digital fintech solutions in driving economic recovery and growth in Africa, particularly amidst the challenges posed by the COVID-19 pandemic.