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The Standard e-Paper
Truth Without Fear
The Standard Group Plc is a
multi-media organization with investments in media platforms spanning newspaper
print operations, television, radio broadcasting, digital and online services. The
Standard Group is recognized as a leading multi-media house in Kenya with a key
influence in matters of national and international interest.
Blockchain technology is reshaping the global payments landscape, offering innovative solutions to persistent issues, particularly in Africa. This transformation is crucial for the continent, where traditional financial systems are often inefficient and costly, especially in cross-border transactions and remittances.
Africa's payment infrastructure relies heavily on outdated systems, many of which have been in place for over 50 years. These traditional systems depend on multiple intermediaries, such as banks, card networks, and payment processors. Each intermediary adds layers of complexity, driving up costs and causing delays. Cross-border transactions, in particular, are burdened with high fees and extended processing times. For example, sending money internationally can take up to five business days and incur fees of around 6.35% of the transaction amount, according to the World Bank.
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