Can the new Nairobi International Finance Centre (NIFC) compete with Johannesburg and Dubai to help finance trade and industry in East Africa ... and beyond? Acting CEO Oscar Njuguna believes that there is plenty of room for everyone.
The widespread practice of South Africans drawing out whole monthly benefit payments or salaries in one go creates a risk of theft, Erling says in Johannesburg. “Cash carries a cost for the poor. People underestimate that cost.”
The rapid payments system is being developed by the association along with Africa’s largest clearing house BankServAfrica. The aim is to create competition between cash and digital payments, Erling says. The system will make it possible to send money to a mobile phone or an email address in real-time without knowing the recipient’s banking details.