Connecting Africa’s wallets, unlocking Africa’s trade, smartly

Yesterday, November 2nd at the 15th Africa Internet Governance Forum, the speaker shared their vision of connecting Africa's mobile money wallets and unlocking trade potential. According to the APN, raising intra-African trade from 16% to over 25% within five years is possible by implementing these reforms. Mobile money transactions within sub-Saharan Africa alone account for $1.4 trillion out of the global $2.1 trillion, with West Africa contributing $498 billion across 517 million accounts.

Despite this commercial strength, Africa lags behind in regional trade, with only 59% of trade within Asia and 68% in Europe. Fragmented markets and high payment costs are the main constraints, with more than 80% of African cross-border payments passing through non-African banks, costing the continent an estimated $5.3 billion annually. Intra-state mobile money adoption is already significant, as evidenced by Ghana's comprehensive interoperability, which recorded over a billion transactions in a single month.

The speaker emphasized the need to connect these wallets for continental trade and economic growth. By enabling instant, affordable cross-border payments, businesses can access more stock and expand, while faster settlements improve cash flow and credit access. Additionally, reliable transaction records can empower women, SMEs, and young entrepreneurs to fully participate in Africa's single market.

However, seamless payments must be paired with free movement. The speaker stressed that trusted digital identities are essential to achieving these goals. To build confidence among governments and traders alike, the proposed solution includes a system that allows authorized agencies to verify travelers against official records with privacy and security safeguards. This approach can strengthen border management and reduce concerns regarding visa-free travel.

Several countries have already taken steps towards this vision, with the Make Africa Borderless Now! campaign leading to increased visa-free policies for Africans. The 19 Smart Africa Trust Alliance (SATA) signatories, including Ghana, Benin, and Rwanda, have completed the first phase of the SADX pilot, demonstrating successful cross-border identity verification.

With continued political leadership, regulatory cooperation, and industry action, the Africa Prosperity Dialogues in Accra from January 13–15, 2027, will focus on achieving continent-wide mobile money interoperability by the end of 2027. The ultimate goal is to enable Africans to move freely while their money and businesses move with them.