Merchants of record emerge as solution to Africa's cross-border payment woes
- Mallick Bolakale experienced payment challenges while running a tech gadget business, often relying on middlemen.
- His transaction was flagged due to an IP address discrepancy, resulting in a loss of funds.
- After leaving Paystack, he launched Startbutton to help businesses bypass payment challenges.
The emergence of merchants of record in Africa presents a significant opportunity for businesses to expand internationally without the burden of navigating complex regulatory environments. However, the effectiveness of these solutions will depend on the adaptability of local regulations and the ability of MoRs to maintain compliance across diverse markets. Further discussion is needed on how to balance innovation with regulatory oversight to foster a thriving digital economy in Africa.
