Stakeholders Urge Action Against Africa’s Fragmented Payment Infrastructure

Stakeholders have called for urgent reforms to unify Africa’s disjointed payment systems, warning that persistent fragmentation stifles intra-continental trade and economic growth.

The chief executive officer and co-founder of Platnova Technologies Limited, Benjamin Oyemolan, and other industry players called for urgent and coordinated action to address Africa’s fragmented payment infrastructure.

They warned that disjointed systems continue to slow growth and limit the continent’s financial potential.

Oyemolan said one of the biggest obstacles to seamless financial transactions across the continent remains the lack of interoperability among payment systems. He noted that many platforms operate in isolation, resulting in slower transactions, higher costs and inefficiencies that ultimately affect end users.

“Our technologies are built in fragments and remain largely disconnected. This makes moving money across borders more difficult than it should be. If Africa is serious about scale, then our systems must begin to speak to one another,” he said.

In an address at the just-concluded BusinessDay Fintech Summit 2026, in Lagos, where industry leaders gathered to examine the future of Africa’s digital finance ecosystem, Oyemolan stressed that Africa’s ambition should be to make money movement as seamless as digital communication, where information travels across continents in seconds without friction. He lamented that, in contrast, cross-border payments still take days and often involve multiple charges.

“The gap between how fast information moves and how money moves is too wide. Closing that gap is the responsibility of innovators, regulators and financial institutions across the continent,” he added.

The firm’s chief argued that the next phase of fintech growth in Africa would not be driven by the proliferation of new products, but by deeper collaboration among stakeholders. According to him, building shared financial infrastructure and partnerships would eliminate duplication and accelerate innovation.

“Africa does not necessarily need more isolated solutions. What we need are shared rails, stronger partnerships and systems that work together. When institutions build collectively, the entire ecosystem grows faster and more sustainably,” Oyemolan noted.

The Platnova boss also highlighted the growing role of emerging technologies such as stablecoins and hybrid settlement models in improving transaction speed and reducing costs. He explained that these innovations should be seen as complementary to traditional financial systems rather than replacements.

“The future is hybrid. Stablecoins can enhance efficiency where speed is critical, while traditional finance continues to provide structure and trust. Together, they can deliver better outcomes for users,” he said.

In his opening remarks, the publisher of BusinessDay, Frank Aigbogun, represented by deputy editor-in-chief Innocent Unah, observed that Africa has entered a defining phase in its financial evolution. He emphasised that stakeholders must move beyond merely expanding access to financial services and focus on building systems that genuinely create opportunities and serve the broader population.

Delivering the keynote address, president of FintechNGR, Stanley Jacob, said the next phase of fintech growth in Africa would depend on trust, resilient infrastructure and the ability of institutions to collaborate at scale. He noted that while the continent has recorded impressive expansion, the focus must now shift to sustainability, cybersecurity and systems capable of serving millions efficiently.

Also, country manager for West Africa at Visa Inc., Damola Giwa, highlighted the importance of combining global standards with local execution. He explained that while international best practices can drive scalability and trust, solutions must be tailored to reflect the unique realities of African markets to achieve meaningful impact.

On her part,  a global private banker and wealth management specialist, Aisha Amirah Adedeji, urged fintech operators to expand beyond payments and begin building wealth creation and investment solutions. She stressed that helping users not only move money but also grow and preserve it is critical to delivering long-term value.