Africa’s digital commerce ecosystem is at a critical turning point. While significant progress has been made in payments, financial technology, and online transactions, industry leaders agree that the next phase of growth will depend on how effectively businesses reduce operational friction, embrace emerging technologies, and build trust across borders.
These issues took centre stage at the 2026 E-Commerce and Payments Forum organised by the Africa Retail Academy of Lagos Business School (LBS), where senior operators, regulators, innovators, and decision-makers gathered to discuss practical strategies for accelerating commercial growth across Africa.
Held under the theme “Minimising Friction, Maximising Commercial Impact,” the forum was convened by Olu Akanmu, CEO Board Advisor and Executive-in-Residence at Lagos Business School, and Elo Umeh, CEO of Terragon and Executive-in-Residence at LBS; and featured insightful contributions from leading industry experts, including Melvin Onochie, Vice President, Omni-Channel Sales and Commercial Planning at Konga Group; Damilare Ogunnaike, Vice President at Moniepoint Group, Kenny Isichie, Head of Business Operation at Bumpa; Professor Uchenna Uzo; Seun Alley; Charles Ejekam; and a few other senior managers.
Delivering the keynote address, Prince Nnamdi Ekeh, chief executive officer of Konga Group, challenged African businesses to rethink their approach to technology adoption, particularly in payments and cross-border commerce.
According to Prince, Nigeria has already made remarkable progress in digital payments and fintech innovation, earning global recognition as one of the world’s leading markets for cryptocurrency adoption.
However, he argued that widespread adoption by businesses in Nigeria remains significantly behind consumer usage.
“Nigeria has gone very far in online transactions and fintech innovation. The progress made by institutions such as NIBSS and the broader fintech ecosystem deserves commendation. However, there is still substantial work to be done if we are to unlock seamless international trade and scale commerce across Africa,” he noted.
One of the key themes of his presentation was the growing relevance of stablecoins in modern commerce.
While cryptocurrencies often generate mixed reactions due to concerns around volatility and regulation, Prince emphasized that stablecoins represent one of the most practical and valuable innovations emerging from the broader crypto ecosystem.
“People often become nervous when they hear the word crypto,” he said. “But every technology has two sides. Artificial Intelligence, for example, is creating enormous value, yet it can also be misused. The same principle applies to crypto. The focus should be on how we leverage the positive side of technology to create productivity, improve efficiency, and solve real business problems.”
Drawing from Konga’s experience, Prince explained how the company has successfully leveraged stablecoin infrastructure to improve business operations, access liquidity more efficiently, and overcome some of the payment challenges associated with cross-border transactions.
“Konga invested heavily in building its own infrastructure because we recognised a problem that needed solving. By tapping into available liquidity and embracing emerging technologies responsibly, we have been able to improve business processes and unlock new opportunities for growth,” he stated.
A recurring issue during the forum was trust. Participants examined how regulators, businesses, and technology providers can work together to increase confidence in digital assets and emerging payment technologies.
Addressing this concern, Prince acknowledged that trust remains a legitimate challenge but expressed optimism about ongoing regulatory developments.
“There are already guardrails being established. Both the Central Bank of Nigeria and the Securities and Exchange Commission are working collaboratively to create a more structured and transparent regulatory framework. That is an important step toward building confidence and encouraging responsible innovation,” he said.
He also highlighted the need for a broader mindset shift among businesses and consumers. Using a personal example, Prince recounted how he recently completed a transaction with a roadside vendor through a digital transfer, illustrating how rapidly consumer behaviour is evolving.
“The reality is that Nigerians are already embracing digital payments in everyday life. Businesses must evolve at the same pace. We need to move beyond old assumptions about cash and fully embrace the efficiencies that digital transactions offer,” he remarked.
On logistics and delivery, Onochie stressed that reducing friction across the entire customer journey, from payment to fulfilment and pricing, remains essential for sustainable growth in e-commerce.
He noted that businesses that successfully align convenience, speed, trust, and competitive pricing will be best positioned to thrive in an increasingly competitive marketplace.
The forum concluded with a consensus that Africa’s commerce future will be shaped not only by technology itself but by how effectively organisations deploy innovation to solve practical challenges.
For Prince the opportunity is clear. Africa already possesses the entrepreneurial talent, consumer demand, and technological foundation required for transformation.
The next step is creating the infrastructure, regulatory clarity, and business confidence needed to scale those advantages across borders.
As digital commerce continues to evolve, his message resonated strongly with attendees: the future belongs to organisations that embrace innovation responsibly, reduce friction relentlessly, and build systems that enable trade without boundaries.
