Fragmented Payments Hinder Africa's Trade Ambitions

Deremi Atanda, Managing Director of Remita Payment Services, highlighted that fragmented payment systems and weak policy alignment are significant barriers to Africa's trade ambitions. Speaking at the Pan African Payment Settlement System (PAPSS) conference in Lagos, he emphasized the necessity for a cohesive payment infrastructure to facilitate intra-continental trade.

The conference, organized under the guidance of Afreximbank and the African Union, focused on the theme "Connect Payment, Accelerate Africa's Trade." Mike Ogbalu III, Chief Executive Officer of PAPSS, pointed out that Africa's payment challenges stem from long-standing fragmented currency systems that limit trade capabilities. The PAPSS ecosystem aims to centralize payment processes, enabling seamless transactions across borders.

Atanda noted the increasing role of fintech companies in enhancing commercial activities in Central Africa, advocating for a shift from merely fixing broken systems to empowering individuals with multiple transaction touchpoints. He warned that without aligning financial infrastructure and policies, the goals of the AfCFTA may remain unattainable.