FG Unveils Digital Payments Report to Help MSMEs Get $3.5 Trillion AfCFTA Market
The Federal Government of Nigeria has introduced a new report titled “Cross-Border Digital Payments and Identity in Nigeria under AfCFTA”, aimed at transforming how Micro, Small, and Medium Enterprises (MSMEs) participate in Africa’s $3.5 trillion trade ecosystem.
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Launched in Abuja, the report outlines strategic solutions to eliminate long-standing challenges that have limited seamless cross-border trade for Nigerian businesses. By prioritizing digital payment systems and secure identity verification, the initiative is designed to simplify how MSMEs send, receive, and authenticate transactions across African countries under the African Continental Free Trade Area (AfCFTA).
Speaking during the launch, Ibrahim Hassan Hadejia described the report as a critical step toward strengthening Nigeria’s leadership in digital trade across Africa. He emphasized that modernizing payment systems is essential not only for efficiency but also for unlocking real business opportunities for small enterprises.
He further explained that enabling smooth cross-border transactions will boost trade, accelerate economic growth, and create employment opportunities. According to him, Nigeria must remain proactive in implementing AfCFTA policies, particularly as digital commerce becomes increasingly central to intra-African trade.
The report also aligns with existing government initiatives such as Nigeria’s Digital Trade Strategy and capacity development programs for state-level leaders. These efforts aim to equip businesses at all levels with the tools needed to compete effectively in the continental market.
A key recommendation in the report is the integration of efficient payment systems supported by reliable digital identity frameworks. This approach, according to Hadejia, will play a vital role in achieving the economic vision of Bola Ahmed Tinubu, particularly in empowering Nigerian MSMEs.
One of the major highlights is the promotion of the Pan-African Payment and Settlement System (PAPSS), which is expected to facilitate faster and more seamless transactions across African borders. Additionally, fintech companies like PalmPay and Moniepoint were recognized for their potential to drive widespread adoption of digital payment solutions due to their large user bases.
The government reaffirmed its commitment to strengthening digital infrastructure, improving regulatory policies, and building partnerships that will support cross-border trade. The goal is to position Nigeria not just as a participant, but as a leader in shaping Africa’s digital trade landscape.
Also speaking at the event, Temitola Adekunle-Johnson noted that the report will significantly enhance Nigeria’s MSME ecosystem. He highlighted that cross-border payments in Africa have traditionally been slow and inefficient, limiting business expansion.
However, advancements such as the Bank Verification Number (BVN) and National Identification Number (NIN) are improving trust and security in digital transactions. These identity systems are expected to play a crucial role in enabling secure and scalable business operations across borders.
Similarly, Salihu Dasuki revealed ongoing collaborations between the Office of the Vice President and development partners to establish frameworks that will accelerate seamless digital payments.
On her part, Shuda Ahmed emphasized the need for affordable and efficient payment systems, warning that without them, MSMEs across Africa may struggle to expand beyond local markets.
Overall, the report signals a major shift toward digital trade integration, offering Nigerian MSMEs the opportunity to scale operations, reach new customers, and compete across Africa’s rapidly growing marketplace.
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