As the African Continental Free Trade Area (AfCFTA) continues to gain traction, digital trade and cross-border payment systems have emerged as critical pillars for realizing its full potential. According to the Managing Director of Intermarc Consulting, Adeyinka Adeyemi technology-driven payment solutions are key to enabling seamless trade across Africa’s diverse economies.
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Speaking in an interview following a high-level forum hosted by the African Union and the African Peer Review Mechanism (APRM) in Freetown, Sierra Leone, Mr. Adeyemi emphasized that the AfCFTA goes far beyond the movement of goods—it is a framework that supports services, investment, and mobility across the continent.
“Africa has become the eye of the world where people want to source services, goods, raw materials, and innovations,” he said. “But where we are now is only the beginning. The real transformation lies in the future we are building.”
Mr. Adeyemi stressed that payment infrastructure is fundamental to trade facilitation. He noted that while Africa has made significant strides—especially in digital payments—more needs to be done to scale these systems across borders. He called on fintechs and payment technology providers to seize the opportunity that AfCFTA presents.
“Technology knows no borders. If you have a robust payment platform in Nigeria, there’s no reason you shouldn’t be servicing Ghana, Kenya, or South Africa. AfCFTA has provided the framework—now we must use it,” he stated.
He highlighted the Pan-African Payment and Settlement System (PAPSS) as a major breakthrough in simplifying cross-border payments and settling transactions in local currencies.
“PAPSS is that unifying platform that allows private organizations to connect and deliver services independently while operating within a common framework,” he explained.
However, Mr. Adeyemi acknowledged that challenges persist, including fragmented currencies, inconsistent political leadership, restricted mobility, and poor transport infrastructure.
“Movement of people remains a challenge—not just because of visas and passports—but because connectivity and logistics across the continent are weak. We need to fix that if trade is truly going to flow,” he said.
He called for stronger political will and policy alignment among African leaders to realize the dream of a fully integrated single market.
Adeyemi also praised the Central Bank of Nigeria (CBN) for its proactive stance on digital innovation and support for AfCFTA objectives, especially through its collaboration with PAPSS and other regulatory bodies.
“As long as you’re operating under a valid license and complying with the rules set by the Central Bank, you’re good to go,” he noted, while encouraging fintechs to remain compliant in every market they enter.
Looking ahead, he expressed optimism about the continent’s readiness to scale digital commerce and financial integration over the next decade.
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He also announced that Intermarc Consulting, in collaboration with the AfCFTA Secretariat, will be hosting a major continental conference titled “Beyond Borders”, taking place from June 17 to 19 at Eko Hotels, Lagos.
“This event will bring together the best minds and innovators in digital trade, payments, and regulation. It’s time for Africa to move beyond conversations and take bold, coordinated action,” Mr. Adeyemi said.
