The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has launched its new Retail Payments Framework, allowing for instant cross-border payments in 17 countries. The system enables money transfers to be settled within seconds, with clear fee disclosure, end-to-end tracking, and confirmation of delivery. A recent transfer from Australia to Spain was completed in 23 seconds, showcasing the system's efficiency. However, Ghana and other African countries are not part of the initial rollout, despite being among the regions with the highest cross-border transfer costs.
The exclusion of African countries from SWIFT's rollout is notable, given that Sub-Saharan Africa pays the most to send money across borders. According to the World Bank's Remittance Prices Worldwide report for the third quarter of 2025, sending $200 to Sub-Saharan Africa costs an average of 8.46% of the transfer value. This high cost has a direct impact on Ghanaian families who rely on money sent home by relatives working abroad. The lack of transparency and delayed transfer times in African corridors exacerbate the issue.
SWIFT's new framework has been launched with 26 financial institutions covering 25 payment corridors. The system aims to provide a seamless experience for cross-border transactions, giving customers upfront information on fees and confirmation once funds land in the recipient's account. While Africa is not part of the initial rollout, SWIFT is working on a separate blockchain-based ledger to support digital asset transactions. This project involves 17 institutions preparing to pilot transfers involving tokenised deposits.
Alternative payment networks are already operating on the African continent, providing solutions for cross-border transactions. Yellow Card, a stablecoin-based payments provider, supports over 50 currencies and allows users to send and receive money across 20 African markets. This demonstrates that Africa is not without its own cross-border payment efforts, even as it waits for inclusion in SWIFT's rollout.
The regulatory environment around digital assets in Africa is shifting, with several countries enacting legislation to oversee the sector. Ghana passed the Virtual Asset Service Providers Act in December 2025, while Kenya enacted similar legislation in October 2025. Nigeria has brought digital assets under the oversight of its Securities and Exchange Commission, and South Africa has operated a licensing regime for crypto asset service providers since 2022.
Experts believe that the current gap in cross-border payment systems presents an opportunity for African regulators, banks, and fintech firms to build payment systems suited to the continent's own currencies and trading corridors. This can be achieved while ensuring compatibility with global networks such as SWIFT's new framework. By developing local solutions, Africa can address its unique challenges and improve the efficiency of cross-border transactions.
As the financial landscape continues to evolve, it remains to be seen how Ghana and other African countries will be integrated into SWIFT's instant payments system. The benefits of such a system are clear, and efforts to develop local solutions and adapt to global standards will likely play a crucial role in shaping the future of cross-border transactions in Africa.
Key points
- Ghana and other African countries are excluded from SWIFT's initial rollout of instant cross-border payments.
- Sub-Saharan Africa pays the highest average fees for sending money across borders.
- Alternative payment networks and regulatory developments are underway in Africa to address cross-border payment challenges.
