Africa’s payment systems must improve to unlock AfCFTA’s full potential – Ezomike

The African Continental Free Trade Area (AfCFTA) has made progress. However, payment systems in Africa still need major improvements. This is necessary to support intra-African trade, according to a trade expert.

Chinedu Ezomike spoke during a webinar organized by LIMA Partners. The theme was “Unlocking Opportunities Across Africa: Harnessing AfCFTA for Business Growth.” Ezomike is a Partner and Head of Commercial Practice at Andersen, Nigeria.

He noted that while AfCFTA offers benefits like tariff reductions, challenges remain. Logistical and financial infrastructure issues hinder smooth business across borders. Significant hurdles exist in air travel and payment systems.

Ezomike highlighted problems with booking flights within Africa. Often, travelers must book flights through Europe first. He emphasized the need for improvements in these areas.

He also discussed the complexities of payment systems. For example, doing business in Ghana requires converting currencies multiple times. This process can be confusing and inefficient.

Despite these challenges, Ezomike remains optimistic about Africa's market potential. He believes ongoing improvements will unlock this vast market. "Africa is huge," he said, "and the incentives for business are clear."