Telecel Group Chief urges governments and regulators to ease multinational fee – Life Pulse Daily
Editor-in-chiefFebruary 6, 20263 Mins read21
Telecel Group Chief Urges Governments and Regulators to Ease Cross-Border Fees
Introduction
In a compelling call to action at the Africa Prosperity Dialogues 2026, Telecel Group Chief Executive Moh Damush has urged African governments and regulatory bodies to streamline cross-border payment systems. His message highlights the urgent need to reduce financial barriers that hinder intra-African trade and economic integration. As the African Continental Free Trade Area (AfCFTA) continues to evolve, simplifying multinational transaction fees is seen as a crucial step toward unlocking the continent’s full economic potential.
Key Points
- Telecel Group CEO Moh Damush calls for easing cross-border payment fees to boost intra-African trade.
- Seamless and affordable digital payment platforms are essential for maximizing the benefits of AfCFTA.
- Cross-border payment bottlenecks limit business growth and regional economic integration.
- Telecel Group is committed to enhancing digital connectivity, financial inclusion, and business expansion across Africa.
- The company supports entrepreneurship through its ASIP (Africa Startup and Innovation Platform) initiative.
- Collaboration between governments, regulators, and the private sector is vital for achieving AfCFTA's goals.
Background
The African Continental Free Trade Area (AfCFTA), launched in 2018, aims to create a single market for goods and services across Africa, boosting intra-African trade and economic growth. However, despite significant policy advancements, practical challenges remain—particularly in the realm of cross-border payments. High fees, slow transaction times, and lack of interoperability between payment systems have long been cited as major obstacles for businesses seeking to expand beyond their national borders.
Telecel Group, a leading pan-African telecommunications company, has been at the forefront of efforts to address these challenges. As a strategic partner of the Africa Prosperity Dialogues 2026, Telecel has reaffirmed its commitment to driving digital transformation and financial inclusion across the continent.
Analysis
Moh Damush’s call to action underscores a critical issue facing African businesses today: the high cost and complexity of cross-border transactions. According to the World Bank, sending remittances within Africa remains among the most expensive in the world, with fees averaging over 8%—far above the global target of 3% set by the United Nations Sustainable Development Goals.
These financial barriers not only discourage trade but also limit the growth of small and medium enterprises (SMEs), which are the backbone of Africa’s economy. By advocating for the easing of cross-border fees, Damush is highlighting the need for a more integrated and accessible financial ecosystem that can support the ambitions of AfCFTA.
Telecel’s involvement in the Africa Prosperity Dialogues and its ASIP initiative further demonstrates the company’s proactive approach to fostering innovation and entrepreneurship. By providing startups with mentorship, technology, networks, and market access, Telecel is helping to create a more dynamic and resilient business environment across Africa.
Practical Advice
For businesses looking to navigate the complexities of cross-border trade in Africa, here are some practical steps to consider:
1. **Leverage Digital Payment Platforms**: Utilize fintech solutions that offer lower fees and faster transaction times for cross-border payments.
2. **Engage with Local Regulators**: Stay informed about regulatory changes and engage with authorities to advocate for more business-friendly policies.
3. **Join Industry Networks**: Participate in forums and initiatives like the Africa Prosperity Dialogues to connect with peers and policymakers.
4. **Explore Innovation Hubs**: Take advantage of programs like Telecel’s ASIP to access resources, mentorship, and funding opportunities.
5. **Prioritize Financial Inclusion**: Support initiatives that aim to bring more people into the formal financial system, expanding your potential customer base.
FAQ
**Q: Why are cross-border fees a significant issue for African businesses?**
A: High cross-border fees increase the cost of doing business, reduce profit margins, and discourage trade between African countries, limiting economic growth and integration.
**Q: What is the AfCFTA, and how does it relate to cross-border payments?**
A: The African Continental Free Trade Area (AfCFTA) is a trade agreement aimed at creating a single market for goods and services across Africa. Efficient cross-border payment systems are essential for realizing the full benefits of this agreement.
**Q: How is Telecel Group contributing to solving these challenges?**
A: Telecel Group is advocating for regulatory reforms, supporting digital innovation through initiatives like ASIP, and partnering with stakeholders to promote financial inclusion and business growth.
**Q: What can governments and regulators do to support intra-African trade?**
A: Governments and regulators can streamline payment systems, reduce transaction fees, harmonize regulations, and collaborate with the private sector to create a more conducive environment for cross-border trade.
Conclusion
The call by Telecel Group Chief Moh Damush to ease cross-border payment fees is a timely and crucial one. As Africa seeks to harness the full potential of the AfCFTA, addressing the financial barriers that hinder trade and business growth is paramount. By fostering collaboration between governments, regulators, and the private sector, and by supporting innovation and entrepreneurship, Africa can build a more integrated, resilient, and prosperous economic future.
Sources
– Africa Prosperity Dialogues 2026 Official Website
– World Bank Reports on Remittance Costs
– Telecel Group Official Communications
– United Nations Sustainable Development Goals
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