Abstract: Colombia-based payment platform Minka has planned to launch its real-time payments system across Africa, facilitating money movement. Minka is a seamless payment network that enables organisations to move money in real-time.

It simplifies the movement of money by connecting separate, legacy money flow systems that proliferate across Africa, through blockchain concepts and modern Application Programming Interfaces (APIs). Commenting on the plans, Minka’s representatives stated that their API based technology is completely agnostic to the use cases that are needed in a region, which allows them to build a platform for any type of payment exchange, in both the public and private sectors, in a matter of weeks or months. Company officials added that the hundreds of layers of different payment wallets and cross-border remittance options are complicated by thousands of separate ERPs and other ledgers.

This reliance on legacy platforms to move money better is only papering over the cracks of the main issue, which is the fact that the old legacy system needs to be completely revised. Minka’s solution enables last-mile infrastructure, helping to move money instantly and without the need for reconciliation. This allows for an almost unlimited number of use-cases by public and private banks, clearing houses, and financial service providers.

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