At the second SWIFT Business Forum East Africa, discussions covered the key topics for the region including compliance and cybercrime, economic growth and banking innovation
At the second SWIFT Business Forum East Africa, discussions covered the key topics for the region including compliance and cybercrime, economic growth and banking innovation.
Denis Kruger, head of sub-Sahara Africa, SWIFT, opened the Business Forum and announced impressive SWIFT traffic growth for the East African Region.
He noted that data from SWIFT shows that FIN traffic growth in East Africa has outperformed the total growth of SWIFT globally. In the year to date, total message traffic volumes grew by 20.1% versus 8.2% growth for SWIFT worldwide. This clearly illustrates the increasingly important role that East Africa plays in SWIFT’s global business, he said.
The data also shows that intra-regional FIN payments traffic is up 19.8% from 2015, and now accounts for 69% of FIN payments traffic in the region. The average daily number of messages has almost double since 2013 from 15,234 to 27,907 in 2016, which could be a reflection of the success of the East African Payments System, established by the East African Community in 2013.
“East Africa holds some of Africa’s fastest growing economies and is a significant growth area for SWIFT,” said Kruger. “We are committed to supporting the community in the region, including through the East African Payments System, which is delivering more efficient payments across East Africa.”