Nukkleus reveals a partnership between DRFQ and Tantel Group

This collaboration aims to address the challenges associated with costly, slow, and unreliable cross-border payments in Africa, factors that have prevented economic growth in the region according to the official press release. By combining DRFQ's technology with Tantel Group's local expertise, the initiative seeks to transform the payment infrastructure in the region. The primary objectives include improving transaction efficiency, reducing costs, enhancing reliability, and addressing foreign exchange limitations. 

Representatives from Nukkleus emphasised the integrated approach prioritising execution speed and privacy. The goal is to stimulate the growth of online transactions and digital wallets while minimising friction in Africa's payments landscape. As Africa's electronic payment market continues to expand, the collaboration with Tantel Group is viewed as a step forward in Nukkleus' strategy to broaden its services and influence across the continent, with an anticipated increase in transaction volume for DRFQ. 

Nukkleus is a dynamic fintech aggregator focused on improving the financial services industry. Through strategic acquisitions and technology development, Nukkleus aims to create a comprehensive ecosystem addressing the evolving needs of modern finance. Positioned as 'A Gateway to the Future of Finance,' Nukkleus is committed to driving growth, fostering innovation, and establishing new standards for efficiency, security, and inclusivity in the financial world.

The state of the African B2B payments market

According to a report from the World Bank, merchants in developing economies show a limited acceptance and use of electronic payments, despite progress in supporting financial access and inclusion at both the global and country level, and the important role merchants play in the economy.

According to the global market sizing study, developing countries have a higher percentage of paper-based payment transactions (cash and checks). The trend is also more visible with micro retailers, where many self-employed firms or family-owned stores tend to steer clear from electronic transactions, such as using debit or credit cards, because of extra costs (including transaction and bank fees), lack of awareness, difficulty in accessing financial services and other challenges.  

For B2B transactions, estimates indicate that only 31% of the total volume of payments by retailers in Sub-Saharan Africa are made electronically, with a level of 45% among retailers in Latin America and a low of 26% in South Asia. These are significantly below the 81% level in high-income countries of the Organisation for Economic Cooperation and Development (OECD).