Money Does Not Move Within Africa
I remember going to Ghana and thinking that because there was a GT Bank like mine in Nigeria that I could walk in and withdraw … wrong!
Years later I tried to set up a business account in Kenya with GT Bank because well I wanted to do business in Kenya, so I thought since I already have a GTB account it would be easier … wrong again!
But its not only GTB. Its almost every other bank you come across, they have branches in other African countries but they don’t talk to each other, they have zero communication with each other. Its like they are only connected by name.
In fact it is easier for a Nigerian bank to do business with an American bank than it is for them to do business with a Ghanaian bank that is right next door and bears the same exact name!
And my question is why?
Why have African leaders in major economies not figured out a way to communicate financially. We are so obssesed with the dollar and euro. Can you imagine what would happen if we obsessed over our neighbours currencies? If we could do business with each other? How much money we would make?
But instead of making our money move within Africa we make it move