LAGOS – The ability to carry out digital money transfers while facilitating trade between African countries and the Caribbean will be “critical” to the success of the cooperation between the two regions, Executive Director of the International Trade Center (ITC) Pamela Coke-Hamilton stated this during the AfriCaribbean Trade and Investment Forum.
“Digital transfers are going to be critical. That’s where the new world is, and if we don’t get in on that, we’re in trouble,” she said.
“The whole issue of payment systems is the basis upon which trade is going to happen. And if you can’t do the transferability of currency in trade, you’re going to be in trouble.
“And so the Pan-African Payment System, and by extension a payment system that links the Caribbean to Africa, is going to be critical in terms of facilitating trade. Because if we buy in dollars, we lose every time.”
Coke-Hamilton credited The Bahamas for its advancements in the digital payments space, and called the Kanoo Innovation Hub, which has partnered with ITC for the trade and investment forum, a “game changer”.
Kanoo’s Chairman, Nicholas Rees recently said that the payment platform is already doing work in several African countries, and hopes to expand to several more.
“That is part of how The Bahamas is looking at really embedding the idea of payment systems and making it accessible, especially for small businesses in trade,” said Coke-Hamilton.
“I think that is going to be really critical for trade, which is why they’re at our ITC booth now, here at the conference.
“We think that is one of the key game changers that look at issues that are germane to small businesses and small island states, and how we can actually use digitalization as a way to leapfrog much of the barriers in the banking system. The first step is payments to companies,” said Coke-Hamilton.
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