Michael Ogbalu
Bolatito Mercy
The future of trade across Africa and the role of digital payment systems in strengthening economic integration have come under discussion on the latest edition of CNN’s Marketplace Africa.
The programme featured an interview with Michael Ogbalu, Chief Executive Officer of the Pan-African Payment and Settlement System (PAPSS), who spoke with CNN correspondent Victoria Rubadiri about efforts to make cross-border transactions easier and more efficient across the continent.
A major focus of the discussion was the challenge businesses face when making payments across African borders. Ogbalu highlighted the importance of building payment infrastructure that can connect businesses and financial institutions across different African markets.
PAPSS is designed to facilitate instant cross-border payments in local African currencies, reducing some of the difficulties associated with international transactions and dependence on third-party currencies.
The development of more efficient payment systems is increasingly important as African countries seek to expand intra-African trade and maximise the opportunities presented by the African Continental Free Trade Area (AfCFTA).
Improved payment infrastructure could also help businesses, particularly small and medium-sized enterprises, access customers and suppliers in other African countries with fewer barriers.
The Marketplace Africa discussion comes amid broader efforts across the continent to strengthen regional integration, develop local value chains and create a more connected African market.
For Africa to fully benefit from its growing consumer market, experts have continued to stress the need for stronger infrastructure, efficient logistics, digital connectivity and reliable financial systems.
The growth of platforms such as PAPSS therefore represents an important step towards making cross-border commerce more seamless and supporting the continent’s long-term ambitions for increased intra-African trade.
As African economies continue to pursue deeper integration, digital payment systems are expected to remain an important part of efforts to connect businesses, consumers and markets across the continent.
