Why are AKL transactions FREE of charge?

All transactions on the Swifin Platform are subject to transaction processing costs of 0.099 + 1.2% or as may be applicable. In order to drive equitable access to digital transaction services across the African Continent and the African diaspora all transactions in AKL are currently Free of charge across all access channels on the Swifin Platform. However to continue to provide the service infrastructure in a sustainable way these costs have to be met. There are a number ways that these costs can be covered

  1. The Payer pays a transaction fee. This is generally the case on the Swifin Platform unless otherwise arranged.
  2. An independent party committed to supporting financial inclusion may offer to cover certain agreed transaction fees in part or in full. If you are committed to driving financial inclusion to impact and improve lives and would like to support the delivery of the service in any market please contact us.
  3. An interested or connected party may offer to cover certain agreed transaction fees in part or in full. This is the case with AKL. The Central Solar Reserve Bank (CSRB)/The African Diaspora Central Bank has committed to covering all AKL related transaction fees for the duration of the AKL Stimulus payments. This means that all transactions in AKL will be free of cost to the customer until September 2023. This is the reason why all AKL transactions are free of cost to the customer at present.
  4. Standard AKL transaction fees will apply after September 2023 either at the current rate of 0.099 +1.2% or as may be applicable at the time.
  5. It is therefore better for customers to leave their balances in AKL instead of convert to other digital assets on the Swifin Platform even when such a services is made available as such transactions would become subject to transaction fees and conversion spreads.

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