By Stellamaries Amuwa, Abuja

The Federal GoveAfCFTA to transform Africa’s 600m unbanked population — FGBy Stellamaries Amuwa, Abuja The Federal Government, through the Nigeria AfCFTA Coordination Office, has stated that the African Continental Free Trade Area (AfCFTA) will serve as a catalyst for transforming trade for Africa’s over 600 million unbanked citizens. Speaking at the recent Aquarian Consult Afri-Caribbean Investment Summit in Abuja, Olusegun Awolowo, National Coordinator for AfCFTA, emphasized the critical role of digital payment systems in boosting cross-border trade across the continent. He reiterated Nigeria’s commitment to maximizing the agreement’s potential by driving strategic investments in fintech and infrastructure. Represented by Olusegun Olutayo, Senior Trade Expert/Lead at the Nigeria AfCFTA Coordination Office, Awolowo highlighted how fintech firms could bridge Africa’s financial inclusion gap through mobile banking, blockchain, and decentralized finance (DeFi) solutions. “With over 600 million unbanked Africans, scalable digital payment systems will transform cross-border trade,” he declared. The high-profile summit, attended by leaders such as St. Kitts and Nevis Prime Minister Dr. Terrance Drew, focused on strengthening economic ties between Africa and the Caribbean. Awolowo also spotlighted Nigeria’s leadership in AfCFTA implementation, particularly through the transition of the AfCFTA National Committee into the Nigeria AfCFTA Coordination Office—a move approved by President Bola Tinubu to fast-track execution and attract crucial investments. “As digital trade expands under AfCFTA, venture capital, digital lending platforms, and AI-driven credit scoring will empower SMEs, the backbone of Africa’s economy,”he said. However, he cautioned that securing transactions with AI-powered cybersecurity, biometric verification, and blockchain-based identity systems is essential for safe cross-border commerce. Beyond fintech, Awolowo pointed to Africa’s urgent infrastructure needs, citing AfCFTA Secretariat estimates that the continent requires: 2 million trucks for intra-African trade logistics, over 100,000 rail wagons to strengthen rail transport, 250 aircraft to expand regional air connectivity, and over 100 shipping vessels to upgrade maritime trade routes. “These figures represent real investment opportunities that will drive economic growth, improve efficiency, and reduce business costs across Africa,” he stressed. Awolowo commended President Tinubu’s reforms—including exchange rate unification, fuel subsidy removal, and trade facilitation measures—for positioning Nigeria to fully leverage AfCFTA’s benefits. To turn summit discussions into action, he proposed establishing an Afri-Caribbean Investment Task Force to promote joint ventures in fintech and infrastructure, foster knowledge sharing, and harmonize regulatory frameworks.

rnment, through the Nigeria AfCFTA Coordination Office, has stated that the African Continental Free Trade Area (AfCFTA) will serve as a catalyst for transforming trade for Africa’s over 600 million unbanked citizens.

Speaking at the recent Aquarian Consult Afri-Caribbean Investment Summit in Abuja, Olusegun Awolowo, National Coordinator for AfCFTA, emphasized the critical role of digital payment systems in boosting cross-border trade across the continent.

He reiterated Nigeria’s commitment to maximizing the agreement’s potential by driving strategic investments in fintech and infrastructure.

Represented by Olusegun Olutayo, Senior Trade Expert/Lead at the Nigeria AfCFTA Coordination Office, Awolowo highlighted how fintech firms could bridge Africa’s financial inclusion gap through mobile banking, blockchain, and decentralized finance (DeFi) solutions.

“With over 600 million unbanked Africans, scalable digital payment systems will transform cross-border trade,” he declared.

The high-profile summit, attended by leaders such as St. Kitts and Nevis Prime Minister Dr. Terrance Drew, focused on strengthening economic ties between Africa and the Caribbean.

Awolowo also spotlighted Nigeria’s leadership in AfCFTA implementation, particularly through the transition of the AfCFTA National Committee into the Nigeria AfCFTA Coordination Office—a move approved by President Bola Tinubu to fast-track execution and attract crucial investments.

“As digital trade expands under AfCFTA, venture capital, digital lending platforms, and AI-driven credit scoring will empower SMEs, the backbone of Africa’s economy,”he said.

However, he cautioned that securing transactions with AI-powered cybersecurity, biometric verification, and blockchain-based identity systems is essential for safe cross-border commerce.

Beyond fintech, Awolowo pointed to Africa’s urgent infrastructure needs, citing AfCFTA Secretariat estimates that the continent requires: 2 million trucks for intra-African trade logistics, over 100,000 rail wagons to strengthen rail transport, 250 aircraft to expand regional air connectivity, and over 100 shipping vessels to upgrade maritime trade routes.

“These figures represent real investment opportunities that will drive economic growth, improve efficiency, and reduce business costs across Africa,” he stressed.

Awolowo commended President Tinubu’s reforms—including exchange rate unification, fuel subsidy removal, and trade facilitation measures—for positioning Nigeria to fully leverage AfCFTA’s benefits.

To turn summit discussions into action, he proposed establishing an Afri-Caribbean Investment Task Force to promote joint ventures in fintech and infrastructure, foster knowledge sharing, and harmonize regulatory frameworks.