Leading global stablecoin issuer and pan-African fintech highlight the continent's peerless advancement of fintech & other technologies
BOSTON — December 7, 2023 — Circle, a global digital financial technology firm and the issuer of USDC and EURC, and AZA Finance, a pan-African fintech company, have today published a joint paper on financial interoperability in Africa. Circle CFO, Jeremy Fox-Geen, and AZA Finance CEO, Elizabeth Rossiello, co-authored the paper.
The paper, "African Markets Exemplify How Digital Global Exchange Can Succeed," highlights the consistent adoption of new financial services, tools and technologies by the continent's 54 countries and nearly 1.5 billion people.
"Africa's rise as a global leader in digital value exchange is a testament to the continent's entrepreneurial spirit and commitment to advancing financial inclusion,” said Circle CFO, Jeremy Fox-Geen. “Our research emphasizes the transformative impact of stablecoins across the continent in fostering financial interoperability, boosting cross-border transactions, and nurturing economic growth."
"It is past due for the world to recognise that Africa is the cradle of financial innovation," said Elizabeth Rossiello, CEO of AZA Finance. "Any country, jurisdiction or fintech seeking to deploy 'open banking', 'accessible finance', or any other new financial technology, in service of a more connected value system, should seek to emulate the success of African innovators. The convergence of fintech, forward-looking banks and supportive regulators provides an incredibly informative case study for how financial interoperability can be developed."
The report highlights several factors that have established Africa as the global leader in continental digital value exchange, among them:
- Africans' historical adoption of technologies, including mobile phones and mobile money, years before other markets
- The boom of African fintech, which has seen nearly $1.5 billion invested in 2022 (according to Disrupt Africa)
- The expansion of the African Continental Free Trade Area (AfCFTA) as well as the Pan-African Payment and Settlement System (PAPSS)