Responsible innovation driving the future of cross-border payment in Africa

“Cross-border payments are more than just transactions; they’re about overcoming regulatory complexities and reducing friction,” says Jill Wilmans, managing director of Secure FX, one of Africa’s leading cross-border payments and treasury service providers. “Our focus is on responsible innovation – understanding the rules, assessing the risks, and making it all work seamlessly.”

Secure FX is pushing boundaries by collaborating with the South African Reserve Bank and the Intergovernmental Fintech Working Group (IFWG). Through the IFWG's ‘regulatory sandbox’, the company is testing new cross-border payment solutions within the legal framework, leading the charge toward more efficient and compliant systems.

Traditional institutions have lagged in their ability to provide affordable and efficient cross-border payment solutions. But innovation in the sector has allowed the development of more cost-effective digital solutions with improved interoperability, alternative payment methods, and cooperation from regulators.

While fintech innovation has surged globally, Wilmans notes that not all developments are responsible. "We’re not about finding loopholes,” she explains. “We’re about understanding the purpose of the laws and building solutions that match that."

Wilmans’ expertise is rooted in years of navigating complex regulations, combined with a vision of what the future of cross-border payments could look like. “Responsible innovation is about balancing deep expertise with a willingness to challenge industry norms. It’s about asking, ‘What could we do differently?’ without losing sight of the rules.”

Africa, now the second-fastest-growing region after Asia, is ripe for cross-border payment solutions that can meet the increasing demand from both businesses and consumers. Secure FX’s forward-thinking approach recently earned them the 2024 International Payments Service Provider of the Year award from Corporate Livewire’s Innovation & Excellence Awards.

Wilmans credits part of her success to creating time for ambition and innovation. “We expect our staff to drive change, but we need to give them the time to think outside the box,” she says. “Ambition requires time.”

Wilmans’ insights are part of Precium’s audio series Reclaiming Ambition, which spotlights ambition and innovation from women leaders. Precium, the first African enterprise-focused payment platform, supports businesses in optimising payment performance while enhancing customer experiences.