“Africa’s financial future will be defined by how well we align technology, policy, and partnerships”

Panel discussion – MCB Trade Week 2025

During a panel discussion of the MCB Trade Week 2025, global financial leaders discussed the ongoing transformation of cross-border payments in Africa. The session, moderated by Joanne Louise, of MCB, featured May Wafa, Head of Sub-Saharan Africa at JP Morgan, and Olivier Lens, Head of Sub-Saharan Africa at SWIFT. The panel addressed technological innovation, fintech partnerships, data optimisation, and the evolving vision for regional monetary and financial integration in Africa.

Global expectations around payment systems are evolving, and Africa finds itself at a pivotal moment to redefine how it manages cross-border transactions. In a discussion grounded in practical experience and strategic vision, panellists at MCB Trade Week 2025 explored the convergence of technology, regulatory frameworks, and regional cooperation in shaping the future of payments.

“Cross-border transactions and banking schemes are significantly evolving,” said moderator Joanne Louise, Team Leader – Global Transaction Banking at MCB. “We must continue strengthening our footprint and remain relevant to both the market and our clients.”

Payment Industry in Flux: From Status Quo to Systemic Shift

Opening the conversation, May Wafa, of JP Morgan, described the payments industry as undergoing “drastic change” after years of relative stability. Clients today demand speed, transparency, safety, and cost-efficiency simultaneously.

“There’s a huge drive in the market. The industry is responding, but we’re not fully there yet,” she noted, citing the influence of the G20 and global regulatory initiatives to improve payments infrastructure. “We’ve moved from seeing fintechs as disruptors to now partnering with them. They filled critical industry gaps and challenged us to innovate.”

She also highlighted JP Morgan’s efforts, including extending 24/7 settlement, launching internal digital initiatives, and participating in cross-border projects.

SWIFT: Data, Interoperability, and Reducing Fragmentation

Olivier Lens, of SWIFT emphasised the need to overcome fragmentation in the African payment landscape. “We’re not going to fix this on our own. We need a collaborative approach,” he said.

He then pointed to ISO 20022, a global messaging standard set to transform transaction clarity and security. “It’s not just a SWIFT upgrade, it enables richer data exchange across networks and banking systems, reduces false positives in compliance checks, and ultimately enhances customer experience,” he said.

On interoperability, he stressed that “we must go beyond our own railroads. Whether it’s GPI or ISO, the idea is to make payments traceable, predictable, and trustworthy, no matter which network or system is used.”

Debunking ‘Instant’ Payments and Building Confidence

Addressing the growing demand for instant payments, May Wafa provided a detailed explanation of the multiple layers involved, from foreign exchange sourcing, manual or automated validations, to compliance screenings, and clearing through correspondent banks.

“Instant doesn’t mean immediate,” she clarified. “There are multiple steps, especially in markets with foreign exchange constraints. While some book transfers are settled in under 90 seconds, international payments often require coordination across jurisdictions.”

Olivier Lens added: “We’re not at full instant yet, but GPI and tracking tools provide transparency and predictability, allowing banks like MCB to offer better client-facing insights.”

Tracking and Pre-Validation: Minimising Failures

The panel stressed the operational and financial cost of failed payments, which are especially acute in Africa. “In some regions, payment failure rates are significantly higher than in Europe,” Olivier Lens revealed. “That costs the industry billions.”

SWIFT’s pre-validation tool was introduced to address this by validating beneficiary information before a payment is initiated. “Instead of sending a payment and waiting to see if it fails, we confirm details in milliseconds,” Olivier Lens said. “It boosts success rates and enhances satisfaction.”

JP Morgan has also rolled out offline tracking tools for corporate clients. “Knowing where your money is at all times shouldn’t be a luxury, it’s an industry standard we’re working to establish,” May Wafa added.

Africa-Specific Priorities: Local Presence and Strategic Growth

On JP Morgan’s African strategy, she reaffirmed the bank’s commitment. “Since 2018, we’ve significantly increased our presence – opening offices in Kenya and Côte d’Ivoire, and expanding operations in Nigeria, South Africa, and Egypt,” she said. “We now support more than 12 countries, and plan to scale up further.”

The bank has also prioritised local expertise. “We’ve hired African professionals who understand the regulatory and cultural context. That’s critical to managing risk and ensuring client alignment,” she noted.

“With the right appetite, expertise, and shared frameworks, the region can leap forward”

The Debate Around a Single Currency in Africa

The idea of a single currency for Africa was approached with cautious optimism. May Wafa described the goal as “ambitious, but highly complex”, citing divergent economic conditions and acceptance challenges.

“It took the European Union decades to achieve monetary union, and that was with fewer countries and more aligned economies,” she said.

Olivier Lens recommended a phased, regional approach: “Let’s focus first on free movement of people and goods within regional blocs. Once those mechanisms function, monetary coordination can follow.”

He noted that the South African rand remains the only African currency with growing adoption, highlighting both the opportunity and difficulty in harmonising monetary policies.

Digital Currencies and Cryptocurrencies: Open, but Cautious

May Wafa confirmed that JP Morgan is active in the stablecoin space, particularly in the Middle East, where tokenised settlements are gaining traction. “Our stablecoin allows clients to transact across currencies in a secure, instant, and tokenised way,” she explained.

However, on cryptocurrencies, the position remains conservative. “We operate under strict jurisdictional rules. Crypto use is still limited depending on the regulatory environment,” she said.

Olivier Lens added: “From a SWIFT perspective, we treat any recognised fiat currency –digital or otherwise – the same way. What’s needed is regulatory clarity, not technological capability.” 

Serving Sophisticated Clients in a Complex Market

Fintechs, payment service providers (PSPs), and other non-bank financial institutions are now key actors in the ecosystem. JP Morgan has adapted its onboarding and risk framework accordingly.

“We have a dedicated arm for non-bank financial institutions,” May Wafa said. “Our due diligence is more extensive for fintechs and PSPs. But if a partner, like MCB, offers these services and meets the right standards, we trust their ability to manage risk jointly.”

She also noted that risk tolerance varies by country, and that JP Morgan is clear about where it will or won’t operate.

Collaboration, Clarity, and Cautious Optimism

As Africa deepens its engagement with global financial systems, the panel concluded with a unified call for collaboration and coordination. “Africa’s financial future will be defined by how well we align technology, policy, and partnerships,” Olivier Lens said. “The tools are there. Now it’s about implementation and trust.” 

May Wafa agreed: “With the right appetite, expertise, and shared frameworks, the region can leap forward. But it starts with understanding and working together.”