Beyond Remittances: Freelancer Payments and China Trade Drive Growth
Africa’s cross-border payment landscape is evolving beyond traditional remittance corridors. While remittances remain significant, new flows from freelancer payments and trade with China are gaining prominence.
Industry experts note that mobile money has already transformed digital payments across the continent, processing over $2.1 trillion globally in 2025 alone. Sub-Saharan Africa accounted for more than two-thirds of this growth, making it a central region for payment innovation.
Addressing Liquidity Challenges
As faster payment rails emerge through initiatives like PAPSS and PesaLink, concerns are growing about currency availability and pricing. While these systems enable 24/7 cross-border payments in local currencies, ensuring sufficient liquidity remains crucial.
“Africa has always been innovative in payments,” says Raj Kamal, founder and CEO of TransFi. “The mobile money revolution was unique to the continent, bringing financial inclusion together with digital transactions.” He notes that airtime tokenization served as an early precursor to today’s stablecoin-based payment systems.
Stablecoins Enter the Conversation
Stablecoins are also playing a role, with global market capitalization reaching $320 billion by mid-2026. However, their use in real-economy payments remains limited due to factors like fees and exchange rate spreads.
TransFi projects $5 billion in transaction volume for FY2026, utilizing stablecoins alongside traditional payment rails across 70 countries, 250 payment methods, and 40 currencies.
Key Opportunities and Challenges
Kamal highlights Africa’s strengths in payments innovation while noting areas for improvement:
- Strengths: Large remittance volumes, growing trade with China, mobile money adoption
- Challenges: Deepening currency liquidity, expanding financial inclusion
Looking ahead, experts believe that addressing these challenges will unlock further growth in Africa’s digital economy and enable businesses to participate more fully in global markets.