Cross border payment delays and high transaction costs are putting pressure on African businesses, with failed or delayed transfers often affecting suppliers, shipments, business relationships and other critical transactions. Oneremit, a financial services company, is seeking to address the challenge by improving the infrastructure supporting international payments across African markets.
The company said it has processed more than $150 million in transactions over the past two years across Europe, the United Kingdom, Canada, Turkey, Hong Kong, China, South Africa and other African markets. According to Oneremit, businesses continue to face challenges associated with correspondent banking, foreign exchange costs, payment delays and unreliable transaction systems, which can undermine relationships with international suppliers and partners.
As part of efforts to promote industry dialogue on the challenges, Oneremit is hosting an invitation only Executive Roundtable in Lagos on August 6, 2026, bringing together about 40 finance leaders. The meeting will feature finance executives including Oladipupo Adeoye, Executive Director, Business Development and Treasury at Abbey Bank Plc, and Omotunde Bajo, Group Chief Financial Officer of Wakanow Group, to discuss the impact of cross border payment challenges on businesses.
Oneremit said it plans to expand its services across additional payment corridors and customer segments as it continues to tackle what it describes as structural challenges within international payments. The company said sustained collaboration among finance leaders, financial institutions and payment providers would be important in developing more reliable and efficient systems for businesses operating across borders.