The head of Africa’s largest free-trade bloc says the continent’s digital economy could become a major driver of trade and investment as governments work to remove payment barriers and improve market access for businesses.
Speaking at a private high-level luncheon organised by the French-Africa Foundation during the Africa Forward Summit, Wamkele Mene said implementation of the AfCFTA Digital Trade Protocol and the Pan-African Payments and Settlement System, known as PAPSS, was creating opportunities for seamless cross-border transactions in local currencies.
Mene said the initiatives would help expand financial inclusion, reduce payment friction and improve market access for African companies seeking to trade across borders under the African Continental Free Trade Area framework.
He said strengthening digital payment infrastructure and expanding access to affordable trade finance would be critical to unlocking the full potential of intra-African commerce, particularly for small and medium-sized enterprises.
Mene noted that SMEs remain central to employment creation and economic output across the continent, making support for the sector essential to Africa’s long-term growth ambitions.
He also called for stronger cooperation among governments, financial institutions, development finance institutions and private investors to accelerate economic integration and position SMEs as a key engine of growth by 2035.
