Wamkele Mene, the secretary-general of the African Continental Free Trade Area (AfCFTA), disclosed this as implementation of the landmark agreement gathers momentum across the continent.

Speaking during a panel session at the second day of the Invest Lagos 3.0 conference, Mene said the growth in trade among African countries reflects the increasing adoption of the AfCFTA framework, noting that 50 countries are currently implementing the agreement and that all protocols underpinning the pact have been concluded.

According to him, Africa must intensify efforts to deepen trade within the continent amid growing global economic uncertainties and shrinking opportunities in traditional export markets.

“Many African countries have lost market share in key international markets and face increasing trade barriers. We have to build a strong domestic market within Africa because our future growth lies here on the continent,” he said.

Mene observed that recent global disruptions, including the COVID-19 pandemic, the Russia-Ukraine conflict and tensions in the Middle East, exposed Africa’s vulnerability to external shocks and overdependence on imports.

He stressed that expanding trade among African nations would strengthen economic resilience and reduce the continent’s exposure to global supply chain disruptions.

The AfCFTA Secretary-General identified high trade finance costs, poor transport infrastructure, logistics bottlenecks and restrictions on the movement of people as major constraints to trade growth across Africa.

To illustrate the challenges, he noted that transporting goods between Lagos and Abidjan, a distance of about 1,080 kilometres, can take as long as 17 days due to multiple checkpoints and border-related delays.

Mene called for wider adoption of visa-free travel and visa-on-arrival policies for African business travellers, arguing that easier movement of entrepreneurs and investors would significantly boost commerce and investment across the continent.

He commended Nigeria, Ghana, Benin, Rwanda, Kenya, Togo and Congo-Brazzaville for taking steps to ease travel restrictions and promote regional integration.

On the digital economy, Mene described Lagos as Africa’s leading fintech hub and a major centre for innovation, noting that the continent’s digital economy is projected to reach $712 billion by 2035.

He said investments in digital infrastructure, data centres and payment systems would create new opportunities for businesses, entrepreneurs and farmers while facilitating seamless cross-border transactions.

“The future of Africa’s economy will be driven by digital innovation and industrialisation. We must invest in digital public infrastructure, data centres and payment systems that support seamless business transactions across borders,” he said.

Mene also highlighted the role of the Pan-African Payment and Settlement System (PAPSS) in enabling businesses to conduct cross-border transactions using local currencies without relying on the United States dollar.

On manufacturing, he described the sector as central to Africa’s economic transformation, noting that Lagos hosts one of the continent’s largest concentrations of industrial activity.

He urged governments and development finance institutions to improve manufacturers’ access to capital while removing barriers that hinder the movement of goods across African markets.

According to him, the combination of a rapidly expanding digital economy and growing industrial capacity provides a strong platform for accelerating Africa’s development and achieving its trade ambitions.

Mene further praised Lagos for its strategic role in shaping Africa’s economic future, describing the city as a critical hub for investment, manufacturing, technology and innovation.

He expressed confidence that stronger policy reforms, improved infrastructure and deeper regional cooperation would enable Africa to surpass current trade targets and unlock greater prosperity for its people.

The Memorandum of Understanding was signed at the Africa Credit Expo (ACE) 2025 by Dr Jameelah Sharrieff-Ayedun, MD/CEO of CreditRegistry, and Mrs Maureen Mba, head of the MANSA Digital Initiative at Afreximbank.

The agreement links Nigeria’s pioneering credit bureau with MANSA, Afreximbank’s flagship due diligence platform under the Africa Trade Gateway, a digital ecosystem created to unlock intra-African trade.

MANSA acts as a single trusted source of KYC and compliance data for businesses, banks and SMEs, helping firms prove their credibility in both regional and global markets. 

During the signing, Mrs Mba noted MANSA’s purpose: “deepen cross-border trust and equip African businesses with the credibility and confidence that they need to thrive in global trade.”

Both institutions say the collaboration will help African businesses gain visibility and credibility in regional and global markets. They describe the partnership as a joint initiative aimed at closing long-standing gaps in identity, verification and financial literacy across the continent.

Under the partnership, CreditRegistry and Afreximbank will onboard thousands of African businesses onto the MANSA platform. They will also deliver financial literacy and compliance training to MSMEs, build capacity for responsible borrowing, and create a more transparent environment for cross-border transactions. 

The institutions say this will make more African enterprises “visible, credible and bankable.”

The signing also highlighted CreditRegistry’s long history in enhancing Nigeria’s credit infrastructure. Dr Sharrieff-Ayedun recalled how millions of Africans had long faced blocked opportunities due to the lack of verifiable credit history. 

That changed when CreditRegistry established Nigeria’s first credit bureau, an effort that later introduced biometric technology into credit reporting and helped pave the way for the Bank Verification Number system.

Over the years, the organisation supported several initiatives to expand financial literacy. These include the Africa Consumer Credit Academy and public awareness programmes that reached more than a million Nigerians. 

Last year alone, the group completed 73 webinars and in-person sessions sponsored by industry partners. The company has also launched youth-focused initiatives, such as Project Launchpad, designed to guide young Africans towards financial independence.

Another ongoing initiative, “On The Streets: Naija Tours,” captures real voices and personal stories about the meaning of credit, financial struggles and the desire for better opportunities. 

These programmes, the organisers said, align with the everyday realities of young Africans, many of whom are ambitious but lack guidance and access to credit tools.

The Africa Credit Expo itself has evolved into a regional point of convergence, bringing together regulators, innovators and more than 90 stakeholders from across the continent. Its mission is to connect, empower and ensure trust in Africa’s financial systems.

CreditRegistry and Afreximbank aim to enhance that mission. Their shared commitment, they said, is to strengthen the backbone of Africa’s financial ecosystem and push the continent closer to a self-sustaining future where businesses can trade with confidence across borders.

According to the African Export-Import Bank (Afreximbank), the partnership is expected to boost cross-border payments and strengthen the regulatory framework for intra-African trade.

Highlighting PAPSS’s achievements since launch, Mike Ogbalu, chief executive officer of PAPSS, said:

“So far, PAPSS has reduced intra-Africa cross-border transaction costs among participating countries and enabled savings of up to 27% for end users, while helping banks experience transaction volume surges of over 100% through digital channels integration. As our network grows, we are making African payments faster, more affordable, and accessible, catalysing economic growth and unlocking new opportunities for businesses and communities across Africa.”

Mohammed Benbahane, deputy governor of the Bank of Algeria, said the central bank joined PAPSS to improve payment efficiency and facilitate intra-African trade. He noted that the move will strengthen Algeria’s role in the continent’s financial ecosystem and support sustainable development in Africa.

PAPSS, launched by Afreximbank in collaboration with the African Union Commission (AUC), is a centralised platform that enables secure and seamless money transfers across African countries, reducing risks and enhancing financial integration across Africa.

It works with African central banks to provide payment systems that commercial banks and licensed payment providers can connect to, enabling people across the continent to access these services.