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NextFrontier Africa is a media platform spotlighting Africa’s emerging opportunities in technology, tourism, aviation, agriculture, health, logistics, real estate, trade, education, and e-commerce.

July 09.2025

2 Minutes Read

How Nnenna Nkata is Transforming Intra-African Payments

Intra-African payments concept with map and confident woman.

The Challenge of Intra-African Payments

Cross-border payments are becoming a hotbed for innovation within the fintech sector, especially as global remittances reached an astonishing $194.8 trillion in 2024. However, while numerous platforms are emerging to simplify international transactions, intra-African payments remain a formidable challenge, often overlooked by promising startups. As digital nomadism rises, so does the necessity for seamless financial interactions across Africa.

Nnenna Nkata: A Personal Perspective

When Nnenna Nkata, a Nigerian who studied in Ghana and furthered her education in the UK, encountered this issue firsthand, it became clear to her how significant the problem truly was. Monirates, her fintech startup, aims to address what she calls "the harder problem"—making intra-African transactions as efficient as those she experienced in Europe.

Despite the geographical proximity of countries like Nigeria and Ghana, Nkata faced insurmountable obstacles when attempting to transfer funds between them. In one instance, she literally had to smuggle tuition fees across borders in cash. Such anecdotes underscore a deeper systemic issue that plagues intra-African payment systems.

The Complexity of Africa's Financial Landscape

The fragmented nature of Africa's financial ecosystem complicates matters further. With 42 different currencies operating simultaneously and varying regulations, sending money within the continent can feel like navigating a labyrinth. This patchwork system hampers individuals, particularly students and digital nomads who require reliable and swift access to funds.

A Glimmer of Hope

Despite these challenges, endeavors like Monirates signify a critical turning point in how intra-African payments are perceived and managed. The rise of fintech innovation sparks optimism that simplified money transfers could soon be a reality—potentially mirroring successful models employed in other regions.

Ultimately, addressing these intra-African payment issues is not just about technological innovation; it’s also about social connectivity, fostering trade, and creating opportunities across the continent.

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How Nnenna Nkata is Transforming Intra-African Payments

The Challenge of Intra-African Payments

Nnenna Nkata: A Personal Perspective

The Complexity of Africa's Financial Landscape

A Glimmer of Hope

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