Industry stakeholders say high financing thresholds, currency volatility, fragmented regulations, and inefficient cross-border payment systems continue to constrain the growth of exporters and businesses on the continent.

They made the suggestions in Lagos, recently, during the 6th Africa Finance Festival 2026 gala. Hosted by InstinctWave and CFO Magazine, the event focused on digital finance, trade growth, innovation, and Africa’s economic future.

Held at the LagosOriental Hotel, the evening featured networking sessions, executive engagement, and award presentations recognising individuals and organisations shaping business growth across the continent.

Akin Naphtal, group CEO of InstinctWave, described the festival as a leading platform for finance leadership and economic dialogue in Africa.

“Over the course of the festival, we have had the privilege of hearing from outstanding keynote speakers, panelists, regulators, investors, and finance executives,” he said.

He added,

“Tonight, however, we gather for a different but equally important purpose: to celebrate excellence.”

He noted that the awards were created to honor institutions and professionals driving innovation, discipline, and impact across Africa’s finance sector.

Bernice Awube Armah-Ampofo, director of Finance at the Ghana Export Promotion Authority, highlighted barriers facing exporters and SMEs across Africa.

“Accessing trade finance is cumbersome, and the thresholds are quite high for SMEs,” she remarked, citing high capital costs, currency volatility, fragmented regulations, and weak cross-border payment systems as key challenges.

She urged stakeholders to leverage the fintech ecosystem to close gaps in trade finance and payments through stronger regional collaboration.

The event also reflected the growing role of digital payments in Africa’s financial system. GSMA data shows mobile money transactions reached over $2.3 trillion globally in 2025, with Sub-Saharan Africa accounting for about two-thirds of total value, driven by rapid adoption across markets.

The figures underline how mobile platforms continue to expand access to financial services and support discussions on cross-border trade and financial inclusion raised during the event.

Beyond the formal speeches, the event also created room for business networking and collaboration among attendees.

Guests participated in interactive networking sessions designed to encourage new industry connections before the award presentations later in the evening.

Sponsors including MTN Nigeria, Ghana Export Promotion Authority, and other participating organisations maintained strong visibility throughout the gala.

Closing the event, Naphtal said, “Our vision remains bold, to continue to build the Africa Finance Festival into one of Africa’s most influential platforms for finance leadership, policy dialogue, innovation, and economic transformation.”

This isn’t just an award; it’s a profound acknowledgment of his relentless drive and pivotal role in sculpting the very backbone of Nigeria and Africa’s budding digital landscape.

InstinctWave, the visionary organizers behind the awards, wasted no time in explaining why Dr. Krishnan stood head and shoulders above the rest.

Speaking to an eager press after last week’s dazzling ceremony at the Labadi Beach Resort in Accra, Ghana, Akin Naphtal, CEO of InstinctWave, laid it bare:

“Dr. Krishnan has been absolutely instrumental in fueling Nigeria’s digital economy pursuit. His strategic vision and hands-on leadership in building critical data center infrastructure are not just foundational; they are the very bedrock upon which this incredible growth is being built.”

Naphtal’s words resonated with palpable conviction.

“You’ll agree with me that Dr. Krishnan Ranganath is undeniably one of the most critical stakeholders championing the digital revolution, not just in Nigeria, but across the entire African continent,” he declared. “It was clear to InstinctWave that he was more than worthy of this singular recognition at this year’s Digital Innovation Awards.”

A visibly delighted Dr. Krishnan, radiating humility despite his monumental achievement, expressed profound gratitude.

He noted that this powerful recognition would undoubtedly ignite an even greater passion to accelerate the growth of Nigeria and Africa’s digital economies, a mission he believes is paramount to the sustained prosperity of the continent.

“I am incredibly honoured to have been deemed worthy of receiving the Digital Economy Trailblazer of the Year award,” Dr. Krishnan shared, his voice reflecting genuine appreciation. “This isn’t to say I believe I’m the most qualified for such an honour, but rather, I see it as a powerful signal that the industry recognizes even my small contributions.”

He warmly dedicated the award to his dedicated colleagues at Africa Data Centres, the broader network of industry stakeholders, and his unwavering family, crediting their relentless support and encouragement for his journey.

This latest, high-profile accolade caps a year of remarkable recognition for Dr. Krishnan. Earlier this year, he was rightfully named among the Top 50 Most Valuable Personalities in the Nigerian Digital Economy, a clear indicator of his widespread influence.

He also powerfully secured the Digital Transformation Pioneer Award at the African Beacon of ICT Awards.

Dr. Krishnan Ranganath isn’t just a leader; he’s a true architect of the digital future, continuously pushing boundaries and laying the essential groundwork for Africa’s economic ascendancy.

The award ceremony took place on September 22nd, 2023, at the Lagos Oriental Hotel in Lekki, Lagos, Nigeria.

The Tech Innovation Awards celebrates organisations, individuals, governments, and private sector entities that have demonstrated exceptional commitment to digitisation and innovation within the Information and Communication Technology (ICT) sector.

Infobip’s entry showcased their most recent conversational experiences blueprint, leveraging popular channels such as RCS Business Messaging (RBM) and WhatsApp Business, which was presented to key stakeholders within the media, eCommerce, telecommunication and banking sectors for evaluation.

Olatayo Ladipo Ajai, Regional Manager West Africa, Infobip, said:

“The accolade highlights our unwavering commitment to democratize the future of digital interactions between businesses and people by creating and innovating new technological breakthroughs through scalable, fast, and flexible solutions that adapt swiftly to the ever-evolving market.

This, in conjunction with our dedication to providing a remarkable customer experience, ensures our customers can harness the full potential of our services, making them stand out among their peers. We are honoured to have been bestowed this recognition.”

Additionally, Infobip’s ability to provide tailored solutions, due to their top-tier partnerships with industry leaders like Meta and Google, further solidified the company’s unique position.

Akin Naphtal, Group Publisher, Digital Economy Organiser of 7th Tech Innovation Awards, “Infobip’s solutions not only address the scalability and agility requirements of the ICT industry but also cater to the specific needs of their clients, setting a new standard for innovation in cloud communications. Their combination of innovation, customisation, and customer-centricity makes them the deserving recipient of the “Innovative Cloud Communications Provider of The Year” award.”

At the 6th edition of the annual awards, which took place in Lagos, the Commission was named The Innovative Telecom Regulator of the Year Award while its Executive Vice Chairman, Prof. Umar Danbatta, was honoured with the Telecom Industry Leader Award.

Speaking after receiving the awards on behalf of the Commission and the EVC, NCC’s Director, Public Affairs, Reuben Muoka, said, the Prof. Danbatta’s leadership has committed to the implementation of progressive policies, plans, strategies, and regulatory initiatives to ensure continuous development of the Nigerian digital economy for the benefits of Nigerians.

He said among several government policies and strategies on the digital economy which the NCC has continued to vigorously drive, include the implementation of the Nigerian National Broadband Plan (NNBP), 2020-2025, through which Broadband penetration has hit 44.5 per cent; and the National Digital Economy Policy and Strategy (NDEPS), 2020-2030, both of which have been streamlined in the NCC’s Strategic Management Plan (SMP) 2020-2024, and the Strategic Vision Plan 2021-2025.

He dedicated the awards to the staff of the Commission who are working tirelessly to ensure that the internal processes for effective regulation run smoothly. He promised even deeper commitment to advancing the frontier of digital connectivity in all nooks and crannies of the country.

“Great leadership usually starts with a willing team, a positive attitude, and a desire to make a difference, and our team at NCC has been relentless to see that the Commission’s strategic objectives, as enshrined in the SMP 2020-2024, and other extant policies bring the benefits of a digitised economy to the citizens of Nigeria.

“These wonderful staff, who are my foot soldiers, are tirelessly working to improve stakeholder collaboration, promote innovative regulatory services, and improve communication’s resource and project management. These awards prove that our efforts are visible and appreciated,” he said.

Earlier, Chief Executive Officer of InstinctWave, organisers of the annual awards, Akin Naphtal, said the two awards went the way of the Commission owing to the recognition of its leadership finesse which has helped in innovatively fulfilling its brand promise to promote a connected environment of endless opportunities.

He said the annual awards, the Nigerian tech ecosystem’s equivalent of Oscar, sets the highest industry standard for honouring organizations and individuals in the telecom and Information and Communication Technology (ICT) sector in Africa; and recognises innovative individuals and organisations at the forefront of digitisation that is taking place in Nigeria’s ICT ecosystem and beyond.