FINTECH EXPERT ADVOCATES SINGLE AFRICAN CURRENCY TO BOOST TRADE

A leading fintech expert has called for the adoption of a single African currency to boost intra-continental trade and accelerate economic integration under the African Continental Free Trade Area (AfCFTA).

Mr. Chinedu Eze, a prominent fintech consultant, made the advocacy on Friday during the Africa Fintech Summit in Lagos. He argued that a common currency would reduce transaction costs, eliminate exchange rate risks, and facilitate smoother cross-border payments.

“A single African currency is the missing link for the full realisation of the AfCFTA. It will make trade easier, cheaper, and more efficient, ultimately boosting economic growth across the continent,” Eze stated.

The expert highlighted the success of regional currencies in other parts of the world and urged African leaders to accelerate the harmonisation of monetary policies and the establishment of a common central bank framework. He also called for the development of robust digital payment systems to support the transition to a single currency.

Participants at the summit, including fintech leaders, regulators, and policymakers, engaged in robust discussions on the feasibility and benefits of a single African currency. Many agreed that it would significantly enhance trade and investment flows within the continent.

The African Union and the African Continental Free Trade Area Secretariat have been working on initiatives to promote monetary cooperation and harmonisation among member states. Experts believe that a single currency could be a long-term goal that requires careful planning and gradual implementation.

The fintech expert urged African governments to invest in the necessary infrastructure, legal frameworks, and capacity building to make the vision of a single currency a reality. He also called for greater collaboration between the public and private sectors to drive the process.

The advocacy for a single African currency is expected to gain more traction as the continent continues to pursue deeper economic integration and trade liberalisation under the AfCFTA.