Fragmented Payments, Policies Threatening Africa’s Trade Ambitions, Says Expert
Omolabake Fasogbon
Africa’s drive to deepen intra-continental trade is being held back by fragmented payment systems and weak policy alignment, according to Managing Director of Remita Payment Services Limited, DeRemi Atanda.
Atanda spoke at the inaugural Pan-African Payments and Settlement System (PAPSS) Cowry Conference in Lagos, where policymakers, bankers and fintech executives gathered to discuss how payments infrastructure can support the African Continental Free Trade Area (AfCFTA).
He asserted that Africa must first be connected through payments, which must evolve alongside policy and platforms to realise the continent’s trade ambitions.
The conference, held at the Lagos Continental Hotel, was organised by PAPSS under the guidance of Afreximbank, the African Union and the AfCFTA Secretariat under the theme ‘Connecting Payments. Accelerating Africa’s Trade’.
PAPSS Chief Executive Officer, Mike Ogbalu III, revealed that Africa’s payment challenges are rooted in long-standing fragmentation and currency silos that limit the continent’s ability to trade with itself.
“PAPSS is an ecosystem built on centralised value in a way that does not diminish the competitive advantage of any participant. It is a vision that began decades ago and is now finally operational.”
On his part, Atanda said PAPSS has moved Africa’s integration agenda from policy to execution.
“PAPSS has moved the vision from concept to execution, enabling payments not just within countries, but seamlessly across borders. Switching infrastructure, thus, should be seen as a backbone rather than the final product.
“Switching is not what the man on the street interacts with; it is simply the engine behind the system. What truly matters is what consumers are able to do,” he said.
He noted further that fintech companies are increasingly central to Africa’s commercial activity.
On a second panel focused on fintech’s role under AfCFTA, Atanda said interoperability is changing how Africans move money across borders.
“Irrespective of where you bank locally, you should be able to make cross-border payments using one number. From your mobile wallet, phone or bank account, you can transact directly,” he said.
According to him, Africa has moved beyond simply fixing broken systems.
“PAPSS is putting power directly in the hands of people, through multiple touchpoints that make cross-border transactions easier and more inclusive.
“Africa’s trade future depends on aligning financial infrastructure with policy and digital platforms, without which the continent’s integration goals under AfCFTA could remain out of reach,” he warned.
