Compare SWIFT, Flutterwave, Chipper Cash, Nala, Wise Business, and African banking corridors for international business payments. Find the cheapest and fastest option.
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Intra-Africa payments often go through correspondent banks in Europe or USA, adding 2-5 business days and $15-50 in intermediary fees. AfCFTA's Pan-African Payment and Settlement System (PAPSS) aims to enable direct intra-African payments. Fintechs like Flutterwave, Chipper Cash, and Nala are already building direct corridors bypassing SWIFT for many Africa-Africa routes.
Frequently Asked Questions
Why is sending money to Africa expensive?
Africa has the highest remittance/transfer costs globally (avg 8%+ vs global target of 3%). Reasons: lack of correspondent banking relationships, small transaction volumes making fixed costs proportionally high, regulatory compliance costs (AML/KYC), multiple currency conversions, and limited competition in some corridors. Fintechs are reducing this — Wise, Flutterwave, and Chipper Cash offer 1-3% total cost in major corridors.
What is PAPSS for intra-Africa payments?
The Pan-African Payment and Settlement System (PAPSS) is an Afreximbank/AU initiative that enables cross-border payments between African countries in local currencies, bypassing USD/EUR conversions. It went live in 2022 for pilot countries. PAPSS aims to reduce the $5B+ annual cost of currency conversions on African trade. Participating banks connect directly, reducing settlement from 3-5 days to real-time.
What documentation is needed for B2B international payments?
Required: (1) Commercial invoice for goods/services, (2) Contract or purchase order, (3) Beneficiary bank details (SWIFT BIC, IBAN/account number), (4) Purpose of payment declaration. For large amounts: (5) Form A (Central Bank declaration in Nigeria for FX > $10,000), (6) Import duty certificates for goods. In Kenya: (7) Bank Form A. Regulatory requirements vary — check with your bank's trade finance desk.