Africa's Trade Soars 12% as Experts Push Payment Unity

African businesses are trading more across borders than ever before, and experts say connecting the continent's payment systems could unlock even faster growth.

Cross-border trade between African countries reached $220.3 billion in 2024, jumping 12.4% from the previous year. But while the numbers show real momentum, business leaders say outdated payment infrastructure is holding back even bigger wins.

The challenge is surprisingly simple. In Nigeria, sending money to a friend takes seconds. But sending that same payment to Kenya or Ghana? That's where things get complicated.

"Once you start to move that from outside one jurisdiction to the other, that interoperability breaks apart," said Tola Onayemi, CEO of Norebase, speaking at the 2026 Moonshot by TechCabal conference. He joined Tatiana Ndlovu from Nedbank Africa Regions and Iheakachi Nwabueze from Grey to discuss solutions.

The problem isn't that Africa lacks payment technology. It's that each country built its own system without connecting to neighbors. Companies trying to operate across three countries often need separate licenses and separate funds held in each place, adding layers of cost and complexity.

Onayemi sees a clear path forward: connect what already exists rather than building new systems from scratch. By linking current payment infrastructure across borders, businesses could move money more cheaply and easily. "If we own that layer, what it means is that we're able to set a lot more of the pricing and the cost," he explained.

The vision isn't just about technical fixes. Ndlovu emphasized that customers deserve the same confidence buying products from neighboring countries as they have shopping locally. People need to know prices upfront, trust sellers, track deliveries, and have recourse if something goes wrong.

The Ripple Effect

When payment systems connect and regulations align, the benefits spread fast. Small businesses can suddenly reach customers across multiple countries without navigating different currencies and rules. Shoppers gain access to products and services from across the continent at lower costs. Jobs grow as merchants expand into new markets without needing separate operations in each country.

The momentum is already building. With trade growing double digits and leaders now focused on practical solutions like shared infrastructure and harmonized regulations, Africa's internal market is positioning itself for a major leap forward.

The technology exists, the trade is growing, and the conversation has shifted from problems to solutions.