Africa’s ability to compete on the global stage hinges on its willingness to break down internal barriers and trade as a united front, Flutterwave CEO, Olugbenga Agboola affirmed.
Agboola, who disclosed this at the Semafor World Economic Summit in Washington, D.C, stressed that fragmentation within Africa is one of the continent’s greatest economic vulnerabilities and a hurdle it can no longer afford.
“Africa must overcome fragmentation to compete globally. In a world where trade alliances are shifting and uncertainty is rising, internal unity and cross-border collaboration are no longer optional — they’re critical,” Agboola said.
While acknowledging growing momentum in intra-African trade, such as flows between Nigeria and Ghana, and Kenya and Uganda, Agboola cautioned that the continent’s overall share of internal trade remains far too low.
He called for a stronger commitment to building regional infrastructure, streamlining payments, and removing bottlenecks that stifle growth.
Highlighting initiatives like the Pan-African Payment and Settlement System (PAPSS), the African Continental Free Trade Area (AfCFTA), and Ghana and Rwanda’s license passporting framework, Agboola underscored their role in reducing reliance on foreign currencies and accelerating trade within the continent.
“Today, many African cross-border transactions are still routed through the US dollar, which adds cost and complexity. With PAPSS and Flutterwave’s infrastructure, we can simplify this — enabling direct conversions like naira to cedi, faster and cheaper,” he noted.
Speaking during a fireside chat with Payoneer CEO John Caplan, moderated by Semafor’s Yinka Adegoke, Agboola and Caplan agreed that global economic shifts will have long-term consequences for emerging markets.
However, Agboola insisted that Africa can turn this moment into an opportunity, if it focuses on strengthening its internal market, leveraging technology, and scaling digital financial infrastructure.
From cross-border remittances and FMCG to travel and digital services, Flutterwave is already enabling the sectors driving Africa’s trade growth.
“We are seeing businesses, from SMEs to multinationals, expand across borders using our platforms. That is the future we believe in: a connected, competitive Africa,” he said.
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