The Federal Government has launched the “Cross-Border Digital Payments and Identity in Nigeria under AfCFTA” report to improve cross-border transactions and help Micro, Small and Medium Enterprises (MSMEs) access the $3.5 trillion African market.
The report, unveiled on Monday in Abuja, is designed to tackle long-standing barriers that have made it difficult for Nigerian businesses to trade seamlessly across African borders. By focusing on digital payments and identity systems, the government is pushing a strategy that aims to simplify how businesses send, receive, and verify transactions across different countries under the African Continental Free Trade Area (AfCFTA).
Speaking at the launch, Deputy Chief of Staff to the President, Ibrahim Hassan Hadejia, described the report as both timely and strategic, especially as Nigeria positions itself to lead digital trade on the continent. He emphasised that improving cross-border payment systems is not just a technical upgrade but a necessary step to unlock real economic opportunities for small businesses.
According to him, enabling MSMEs to carry out seamless transactions across borders will be critical to unlocking trade, driving economic growth, and creating jobs. He noted that Nigeria must remain at the forefront of AfCFTA implementation, especially as digital trade becomes central to intra-African commerce.
Hadejia also linked the report to broader government efforts, revealing that it builds on earlier initiatives such as Nigeria’s Digital Trade Strategy and capacity-building programmes for subnational leaders. These efforts, he said, are part of a coordinated plan to ensure that businesses at all levels are equipped to participate in continental trade.
He further stressed the importance of efficient payment systems backed by trusted digital identity frameworks. “Efficient cross-border payments, supported by trusted digital identity systems as recommended in the report, will be key to realising President Bola Ahmed Tinubu’s Renewed Hope vision for Nigerian MSMEs,” he stated.
A major highlight of the report is its emphasis on strengthening platforms that can support seamless transactions across African countries. The Pan-African Payment and Settlement System was identified as a critical tool in this process. At the same time, local fintech companies such as PalmPay and Moniepoint were recognised for their potential to drive adoption, given their large and active user bases.
Hadejia assured stakeholders that the Federal Government is committed to strengthening infrastructure, improving regulatory frameworks, and building partnerships that will support digital trade. He added that the goal is not just participation but leadership, ensuring Nigeria plays a central role in shaping how trade is conducted across Africa.
“I appreciate the efforts of all stakeholders and urge us to move AfCFTA beyond a continental agreement to a $3.5 trillion trade juggernaut that will reinvigorate our industries, unlock intra-African trade, and domesticate African prosperity,” he said.
Also speaking, Special Adviser to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, said the report is expected to significantly strengthen Nigeria’s MSME ecosystem. He pointed out that cross-border payments across Africa have historically been informal, slow, and inefficient, limiting the ability of businesses to expand beyond their local markets.
However, he noted that recent developments such as the Bank Verification Number (BVN) and National Identification Number (NIN) are already transforming the landscape. These systems, he explained, are helping to build trust and improve identity verification, which are essential for secure digital transactions.
He expressed optimism that the recommendations in the report will make it easier for Nigerian businesses to access markets across the continent. With better payment systems and reliable identity verification, MSMEs will be able to scale operations, reach new customers, and compete more effectively.
Similarly, Special Assistant to the President on ICT Policy, Salihu Dasuki, disclosed that the Office of the Vice President is already working with development partners to create a framework that will fast-track seamless cross-border payments. He explained that enabling Nigerians to participate in digital trade is a key pillar of the current administration’s agenda.
On her part, Special Assistant to the President on Project Support, Shuda Ahmed, highlighted the importance of affordable and efficient payment systems. She warned that without such systems, businesses across Africa would struggle to expand beyond their domestic markets.
“Without seamless and affordable cross-border payment systems, MSMEs across the continent would be unable to scale beyond their domestic markets,” she said.
