Nigeria Launches AfCFTA Digital Payments Report

Nigeria has launched a comprehensive report titled 'Cross-Border Digital Payments and Identity in Nigeria Under the AfCFTA' to facilitate access for its Micro, Small and Medium Enterprises (MSMEs) to the $3.5 trillion African Continental Free Trade Area (AfCFTA) market. The report, unveiled by Ibrahim Hadejia, Deputy Chief of Staff to the President, and hosted by the Nigeria — Presidency of Nigeria in collaboration with ODI Global, highlights the critical role of efficient cross-border payments and trusted digital identity systems. Key Nigerian fintech companies such as PalmPay and Moniepoint Inc. are expected to drive the adoption of these digital payment solutions. The initiative aligns with President Bola Tinubu's 'Renewed Hope' vision, aiming to foster economic growth and job creation by empowering small businesses through digital trade and e-commerce. While the report emphasizes the potential for increased intra-African trade, the Nigeria — Central Bank of Nigeria, through Governor Yemi Cardoso, has voiced concerns about the potential risks that rapidly growing private digital payment platforms and stablecoins could pose to foreign exchange stability.