Yemi Osinbajo calls for African digital payment links to boost trade

Professor Yemi Osinbajo, former Vice-President of Nigeria, has urged African nations to accelerate the integration of their digital payment systems to unlock the full potential of regional trade and investment. Speaking at the Mobex Africa Conference 2026, Osinbajo emphasized that the success of the African Continental Free Trade Area (AfCFTA) is intrinsically linked to the continent's ability to facilitate seamless cross-border financial transactions. He noted that while individual countries have made significant strides in domestic payment infrastructure, the regional landscape remains fragmented.

The former Vice-President pointed out that transferring money across African borders continues to be a significant hurdle for businesses and individuals alike. Currently, many of these transactions rely heavily on correspondent banking networks located outside the continent, which introduces additional costs and unnecessary delays. Osinbajo highlighted the lack of direct connectivity between various national central banks as a primary barrier, calling for a more collaborative approach to bridge these technical and regulatory gaps through enhanced digital cooperation.

Beyond physical infrastructure, Osinbajo stressed the importance of maintaining high standards for financial stability, consumer rights, and data privacy within digital financial services. His call for action was supported by insights from industry regulators, including Owureku Asare from the Bank of Ghana. Asare shared details of Ghana’s payment infrastructure, illustrating how public investment and robust regulatory frameworks can create secure and efficient systems that could serve as a blueprint for wider regional adoption.

The push for integrated digital payment systems is viewed as a critical step toward economic efficiency and deeper integration across the continent. By reducing the costs associated with trade and simplifying the movement of capital, Osinbajo argued that African nations can better support local enterprises and attract more substantial intra-continental investment. The conference discussions underscored a growing consensus that central banks and financial institutions must prioritize connectivity to ensure that digital innovation translates into tangible economic growth.