In the face of rising global economic instability, Flutterwave’s CEO Olugbenga “GB” Agboola has called on African leaders, innovators, and stakeholders to double down on building the infrastructure needed to support seamless intra-African trade and payments. His remarks were made during a high-level dialogue at the Semafor World Economic Summit held in Washington, D.C.
The summit, organized annually by Semafor, brought together influential figures from both public and private sectors to dissect global economic challenges and the future of trade and development. In a compelling fireside chat with Payoneer CEO John Caplan, moderated by Semafor’s Editor-at-Large Yinka Adegoke, Agboola stressed the urgency of aligning Africa’s trade infrastructure with shifting global dynamics.
“Africa Cannot Afford to Remain Fragmented”
As global supply chains continue to shift and geopolitical uncertainties upend traditional trading routes, Agboola warned that Africa must act swiftly to reduce economic fragmentation and establish a solid foundation for sustainable regional trade.
“In a time when global trade is becoming more unpredictable, Africa cannot afford to remain fragmented,” Agboola stated. “We need to accelerate the building of cross-border payment infrastructure and unlock the continent’s trade potential.”
While commending the increasing momentum in trade between African countries, such as Nigeria and Ghana, or Kenya and Uganda, Agboola emphasized that intra-African trade remains underdeveloped compared to global benchmarks.
“The share of overall trade within Africa is still relatively low,” he noted. “But the encouraging signs we’re seeing between regional blocs and countries show that progress is not only possible but already underway.”
Leveraging Emerging Technologies and Policy Innovations
According to Agboola, initiatives like the African Continental Free Trade Area (AfCFTA), the Pan-African Payment and Settlement System (PAPSS), and regional regulatory frameworks like Ghana and Rwanda’s license passporting are key policy tools that can transform Africa’s trade landscape.
“Today, trade between African countries often requires routing funds through the US dollar,” Agboola said. “But with PAPSS and our infrastructure, we can enable direct currency exchange—like naira to cedi—making transactions faster and more cost-effective.”
Flutterwave, Africa’s leading fintech company, is at the forefront of building payment solutions that power small businesses, multinationals, and government institutions. The firm is focusing on creating seamless cross-border payment channels that remove friction and high transaction costs—two major barriers that have long plagued trade within the continent.
Agboola also emphasized the role of technology in transforming trade. “Artificial intelligence and digital infrastructure will drive efficiencies and help scale the operations of businesses across the continent,” he explained. “Cross-border commerce is no longer just about moving goods—it’s about moving information, services, and payments in real-time.”
SMEs and Multinationals Fueling Trade Growth
Both Agboola and Payoneer’s CEO John Caplan agreed that despite external economic pressures, cross-border trade in Africa is expanding, driven by both small and medium-sized enterprises (SMEs) and large multinationals seeking growth in emerging markets.
“There’s incredible energy coming from African SMEs. They’re expanding into new markets and are not waiting for perfect conditions—they’re adapting, innovating, and creating demand,” Caplan said.
Agboola echoed this sentiment, highlighting strong growth in sectors like remittances, travel, fast-moving consumer goods (FMCG), and digital services—all of which Flutterwave supports with its fintech infrastructure.
“We’re seeing growth in remittance flows and in travel and tourism. Nigerian consumers are buying services from Kenya, and Ghanaian businesses are trading with Rwandan suppliers. These cross-border interactions are powering a new era of pan-African economic integration,” he stated.
Tariff Challenges Remain but Progress Is Visible
While there’s optimism about the future of African trade, both speakers acknowledged that challenges remain. Tariff and non-tariff barriers continue to limit the free flow of goods, and inconsistent regulatory frameworks can create uncertainty for businesses trying to scale regionally.
However, Agboola remains optimistic that Africa’s governments and private sector actors are committed to long-term reform.
“Economic integration is not just a dream; it’s becoming a reality,” he said. “The frameworks are in place. Now we need execution, collaboration, and consistency.”
Agboola’s insights come at a critical moment as African nations work to implement the AfCFTA, an ambitious trade agreement designed to unite 55 African Union member states into a single market of over 1.4 billion people. Experts believe the agreement could boost intra-African trade by over 50% once fully implemented.
Flutterwave’s Vision: Leading Africa’s Financial Transformation
As the conversation turned toward the future, Agboola reaffirmed Flutterwave’s mission to become the infrastructure backbone of digital commerce in Africa. The company, already operational in over 30 African countries, continues to expand its enterprise offerings and grow its network of payment partnerships across borders.
“Our goal is to power trade, from the smallest entrepreneur selling in local markets to the largest corporation operating across continents,” he said. “We want to be the platform that makes payments simple, fast, and borderless for Africa.”
Flutterwave has consistently led conversations on financial inclusion and trade digitization. The firm’s growing suite of products—ranging from payment APIs to enterprise banking tools—continues to attract global attention and investment.
Conclusion: Africa’s Time Is Now
The Semafor World Economic Summit ended with a clear message: Africa must take bold steps to safeguard its economic future by unlocking the power of regional trade, investing in cross-border infrastructure, and embracing emerging technologies. For Agboola and Flutterwave, this is not just a business opportunity—it is a mission of economic transformation.
“Global trade won’t wait, and Africa can’t wait either,” Agboola concluded. “The world is changing fast, and we must build for the Africa we want—unified, connected, and competitive.”
