These alleged violations span consumer protection across multiple African markets, particularly in Kenya, Uganda, and Malawi.

Airtel is under investigation for its mobile money operations in these countries. Investigators claim that in some cases, Airtel Mobile Money Kenya displayed charges to the sender before confirming transactions that differed from the actual charges shown in the final confirmation. 

Again, details such as the intermediary parties involved and the exchange rate used were reportedly not disclosed. This lack of transparency could mislead consumers and deny them the information they need to make informed decisions about their financial transactions.

In Malawi, Airtel Mobile Commerce Malawi Limited has been accused of withholding key details, such as the sender’s information, transaction charges, and the involvement of intermediary parties. 

The commission’s investigation also states that Airtel’s service failed to show the amount in the recipient’s currency or the exchange rate used, further compromising transparency in cross-border money transfers.

Similarly, the investigation into Airtel Uganda revealed discrepancies between the exchange rate displayed to senders and the rate that was actually applied to the transactions. 

In addition, the full extent of consumer information shared with intermediaries is not clear. The final confirmation message to senders allegedly did not include the exchange rate used, which could prevent them from verifying important transaction details.

MTN Group’s Mobile Money Uganda operation is also facing allegations of similar issues. The company is accused of showing different amounts to senders and recipients in international money transfers, damaging consumer trust and transparency.

According to the COMESA Competition Commission, these actions may be considered as “misleading and unconscionable” conduct, as they prevent consumers from receiving the necessary information to make informed decisions. 

In line with COMESA’s competition regulations, payment platforms operating within its 21-member trade bloc are required to provide full disclosure of all transaction costs, including foreign exchange fees, before confirming any payments.

Although the investigations are ongoing, COMESA has made it clear that at this stage, no conclusions have been drawn regarding whether MTN and Airtel have violated the regulations or engaged in unfair business practices. 

The investigation aims to determine if the telecom giants’ actions have breached consumer protection and anti-trust laws under COMESA’s regulations.

What’s more, nearly 90 percent of negotiations on product-specific rules have been concluded, covering more than 70 percent of intra-African trade.

But while the foundations for enhanced exchanges between African markets may be laid, the emphasis is now on implementation, which demands that attention be placed on the continent’s payment landscape.

Among other things, AfCFTA is set to reinvigorate economic activity in markets across the continent.

In doing so, analysts at the World Bank believe that AfCFTA will lift 30 million people out of extreme poverty and raise the incomes of 68 million more, thanks in a part to higher levels of intra-African trade, which is set to generate a combined consumer and business spending of $6.7 trillion by 2030.

But as inter-governmental conversations around exchange controls and non-tariff barriers to trade begin to conclude, implementation is now becoming key. In that vein, it is important to acknowledge that – to reach these anticipated levels of spending, and in turn improve incomes and quality of life – consumers across the continent must have access to the relevant tools and technology required to participate in the world’s largest free trade market. Specifically, we need to support their ability to make payments, which has been the lifeblood of commerce since the earliest forms of exchange first emerged.

The provision of payment tools and technology is paramount in the African context, where 57% of the African population do not have a traditional bank account.

To address this challenge, developments in Africa’s payments landscape have been steered by collaboration between banks, telcos and fintech startups, to deliver new products and services in a more cost-effective manner for existing customers. 

To this end, innovation and partnerships in African payments is helping to drive frictionless transactions and enhance borderless financial services across regions.

At the same time, regional payment systems are starting to be deployed across the continent, in a bid to allow payments to flow from one system to another and provide pan-regional settlement capability. One example of this is the ‘Tripartite Free Trade Area’ between the East African Community, the Southern African Development Community (SADC) and the Common Market for Eastern and Southern Africa (COMESA).

In addition, the recently launched Pan-African Payment Settlement System (PAPSS), which has been designed to enable instant payments across African borders, will further drive this trend towards payment system interoperability.

These are welcomed developments, which are undoubtedly playing a key role in driving market integration across the continent.

However, to sustain this merging of African consumer bases – and to secure the ability of Africans to consume in the AfCFTA environment – we need to reflect on the continent’s sheer diversity in culture and circumstance and take note of the fragmented payments landscape that sees different communities, countries, and whole regions transacting in vastly different methods.

To fully realise the potential of the AfCFTA to stimulate consumer spending, contribute to economic growth, and enhance the quality of life then requires that African consumers be afforded a range of payment solutions to enable transactions across borders in methods that appeal to their different preferences and demands.

This will in turn promote financial inclusion, which will see more Africans able to engage with the enormous market opportunity that is the AfCFTA.

This has been the core mission of companies like Pay@, who have recently expanded their footprint across Africa, which seeks to promote financial inclusion and drive socio-economic growth.

This is achieved by developing tailored payments solutions – including mobile, card and smartphone payments, EFTs, wallets, and more – to African consumers, and in particular, those that find themselves in under- and unbanked communities.