For particular combinations of countries, fee percentages can climb well into the double digits. One reason for high fees is inconsistent regulation. Within Africa a payment company can’t use a single licence across multiple countries, says Nika Naghavi. She is the group head of growth at Onafriq, a digital payment network that extends through more than 40 African countries. A result is that even between neighbouring countries with a robust trade and frequent population movement, money can’t always flow freely. For instance, Ms Naghavi says, transfers between Togo and Benin are frequent and straightforward, helped by having a common currency. Yet money can’t easily be sent between Togo and another neighbour country, Ghana.

SOURCE: BBC