Call for a Unified Payment System in Africa
Platnova Technologies Limited has emphasized the urgent need for a cohesive and interoperable payment system across Africa. The company cautioned that the current fragmented financial infrastructure is hindering transaction efficiency, escalating costs, and constraining the continent’s potential to grow its digital finance sector.
Insights from the BusinessDay Fintech Summit 2026
This appeal was made during the BusinessDay Fintech Summit 2026, themed “The Next Financial Frontier: Intelligence, Infrastructure and Inclusion in Africa’s Digital Money Economy,” held in Lagos. The event centered on developing a resilient and inclusive financial system for the continent.
Fragmentation as a Major Constraint
Benjamin Oyemolan, co-founder and CEO of Platnova, identified fragmented financial systems as a significant barrier to growth. He expressed concern that the current technological landscape is largely piecemeal and disconnected, resulting in transactions that are unnecessarily slow, costly, and inefficient.
A Need for Seamless Transactions
Oyemolan argued that if Africa aims to scale effectively, its financial systems need to communicate seamlessly with one another. He remarked that while information can be transmitted instantly over the internet, monetary transfers still face delays and incur multiple charges.
Evaluating Growth Metrics in Fintech
Stanley Jacob, president of FintechNGR and chief innovation and technology officer at Meristem Securities Group, pointed out that traditional growth metrics such as user numbers and transaction volumes no longer suffice. He believes that the next phase of fintech growth in Africa will rely heavily on the robustness of infrastructure, user confidence, and the capability of institutions to collaborate on a larger scale.
Prioritizing Resilience and Integration
Jacob highlighted the continent’s noteworthy expansion over the past decade but stressed the importance of building sustainable and secure systems capable of efficiently serving millions. He indicated that true transformation will stem from a focus on resilience, innovation, and effective cybersecurity.
The Role of Partnerships and Hybrid Models
Oyemolan reiterated that future growth would hinge on partnerships rather than isolated innovations. He posited that Africa doesn’t need more fintech products; rather, there is a pressing need for stronger integration between existing systems. He mentioned the increasing significance of stablecoins and hybrid payment models, which can enhance transaction speed and minimize costs in cross-border payments.
Global Standards and Local Solutions
Other attendees underscored the necessity of balancing global standards with local realities. Damola Giwa, country manager for Visa West Africa, argued that expanding payment systems across Africa requires harmonizing international benchmarks with local solutions. He believes that the success of financial systems lies in blending global capabilities with an understanding of local market dynamics.
Expanding Financial Services Beyond Payments
Aisha Amira Adediji, a global private banker and wealth management expert, encouraged fintech companies to broaden their services to include wealth creation and financial planning beyond mere payment facilitation. She noted that it is essential for platforms to assist users in growing, storing, and investing their assets to generate long-term value.
The Critical Stage of Africa’s Financial Sector
Finally, Frank Aigbogun, publisher of Business Day, represented by Deputy Editor-in-Chief Innocent Una, remarked that Africa’s financial sector has reached a pivotal moment where simply providing access is insufficient. He asserted that the focus must now be on what type of financial system is being constructed and who it genuinely serves, stating that without genuine growth opportunities, inclusion will remain an unfulfilled goal.
