# Problem

1. **Difficulty in Settling Electronic Payments with Local People & Merchants:** According to the World Bank, only about 43% of adults in Sub-Saharan Africa have a bank account, and many local merchants operate on a mobile money and cash-only basis. Over 60% of transactions in many African countries are still conducted in cash making it difficult for tourists to use foreign electronic payments.
2. **High ATM Fees and Foreign Exchange Rates:** In 2023, the average ATM withdrawal fee for a foreign card in Africa was between 5% and 10% of the withdrawal amount, with additional foreign exchange rate markups of 3% to 5%. Travelers could lose up to 15% of their money when withdrawing cash from ATMs in Africa due to fees and unfavorable exchange rates.
3. **Limited Cryptocurrency Acceptance Among Local African People and Merchants:** As of 2023, only about 2% to 5% of merchants in Africa accept cryptocurrency as a form of payment, despite the continent being one of the fastest-growing regions for crypto adoption. While cryptocurrency usage is growing, it is still not widely accepted, leaving many crypto holders in Africa and tourists with limited options for spending their crypto.
4. **Fragmented African Financial Landscape:** Africa has over 40 currencies and numerous mobile money platforms, making cross-border and local transactions complex. The complexity and fragmentation of the financial landscape create significant barriers for visitors, with over 60% of travelers reporting difficulties in making payments during their stay in Africa.\
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   Sources and references\
   \- *World Bank, Global ATM Alliance and Expatistan, Chainalysis, Statista and McKinsey & Company*
