Founder of Condia, Benjamin Dada
A fintech expert has advocated the adoption of a single <a href="https://absafricatv.com/who-is-driving-diplomacy-in-the-horn-of-africa-and-the-red-sea-and-why/” title=”Who is driving diplomacy in the Horn of Africa and the Red Sea, and why?”>African currency to simplify cross-border payments and boost regional trade, saying the continent’s fragmented monetary system remains a major obstacle to seamless commerce despite rapid advances in payment technology.
According to a press statement on Sunday, the Founder of Condia, an African technology publication, Benjamin Dada, made the call during a virtual pre-event press conference on Tuesday ahead of The Borderless Experience, a payments-focused industry session scheduled for August 21, 2026, at the Landmark Centre. Africhange is the headline sponsor of the event. Dada is also a fintech product manager and cross-border payments consultant who has worked with companies including Moniepoint and Nomba.
The event will examine the evolution of payments as the operating layer for travel, commerce and logistics across Africa amid rising cross-border trade, foreign exchange volatility and fragmented settlement systems.
Responding to a question on whether Africa should adopt a common currency, Dada said such a move would significantly improve trade across the continent. “I agree with you that, if we had a single currency in Africa, it could have made trade smoother,” he said.
He, however, noted that implementing a common currency would require overcoming major political and economic hurdles. “Currency is a reflection of politics and geopolitics as well,” he said.
Drawing a comparison with Europe, Dada explained that Africa’s larger number of countries makes monetary integration more complex.
“In the EU area, there are just like 17 states. In Africa, we have 54 countries. So the coordination on that is quite tough because when you have one currency, then there will be one central bank. It’s hard to coordinate,” he said.
He added that national interests and geopolitical considerations could also frustrate efforts to establish a common African currency. Rather than waiting for a single currency, Dada urged African countries to continue strengthening payment infrastructure capable of supporting transactions in local currencies.
“If you look at what PAPSS is doing, they are allowing two institutions from different countries to move their local currency, and then PAPSS will do the hard work of settlement,” he said.
He said innovations such as the Pan-African Payment and Settlement System, stablecoins and artificial intelligence were reshaping cross-border payments and creating opportunities to reduce transaction costs and settlement delays.
“The conversation today is even beyond what is happening in Africa and Nigeria. It’s like, ‘the new technologies that are coming, what does that solve?’” he said.
According to him, stablecoins are increasingly challenging traditional payment systems. The cross-border payments expert also explained that international payments remain slow because they still depend largely on correspondent banking relationships modernised through the SWIFT network.
“The reason why we have delays in normal cross-border payment settlements is that we used to use correspondent banking systems, which SWIFT leveraged,” he said.
He illustrated how transfers between Nigerian banks’ dollar accounts often pass through correspondent banks in the United States before reaching beneficiaries, increasing settlement time and compliance requirements.
According to him, emerging technologies could help solve those longstanding challenges. “There’s a chance that the new technologies help us to solve some of those hard problems cheaper or easier, and that will now communicate in speed and at cheaper cost for the customer,” he added.
Dada also challenged widely cited estimates that remittances to Africa still cost about eight per cent, saying digital financial providers had significantly reduced transfer costs.
He warned that entrepreneurs relying on outdated figures could develop flawed business models.
The publisher noted that Africa’s cross-border payments market is now valued at about $329bn and is growing at a compound annual growth rate of 12 per cent, driven by the African Continental Free Trade Area, mobile money adoption and improvements in payment infrastructure.
He also observed that the rapid expansion of cross-border financial services was changing Nigeria’s fintech landscape. “Every Nigerian fintech now wants to be a cross-border fintech,” he said.
Dada added that the trend had raised fresh policy questions, particularly following the Central Bank of Nigeria’s overhaul of the International Money Transfer Operator guidelines.
The Borderless Experience is expected to bring together fintech founders, payment operators, regulators, investors and business leaders to examine Africa’s evolving payments architecture and explore solutions to challenges affecting cross-border commerce, travel and logistics.
The one-day event will feature keynote presentations, panel discussions and technical sessions focused on payments infrastructure, settlement systems and emerging financial technologies.
Sami Tunji is a Senior Business Correspondent at Punch Newspapers with about five years of experience in data-driven reporting. He covers finance, ICT, and broader macroeconomic issues, combining analytical insight with clear storytelling. Sami’s work reflects strong editorial judgment, professional development, and a commitment to accurate and informative business journalism.
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