Latest / The Emerging Markets Podcast with Fexingo: Developing Economies, Growth, and Investment
How Nigeria Is Building an Alternative to SWIFT Payments
Nigeria's central bank launched the eNaira two years ago with limited success. Now a private-sector consortium called AfricaNCI is building a real-time gross settlement system that bypasses SWIFT entirely. Lucas and Luna unpack how this network works, why it matters for intra-African trade, and what it means for the broader emerging markets payments landscape. They look at the numbers: Nigeria's $20 billion annual remittance flow, the 4.5 million daily transactions on the existing instant payment system, and the 0.5% fee cap that undercuts SWIFT's 3-5% average. They also…
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