Executive Vice President, Global Trade Bank at Afreximbank, Haytham El Maayergi, has described the new PAPSS Cowry payment platform as a critical tool for closing the $5 billion yearly gap created by persistent inefficiencies in Africa’s cross-border payment system.
Speaking at the inauguration of Pan-African Payment and Settlement System (PAPSS) Cowry, a continental payment platform designed to transform how Africans trade and settle transactions in Lagos, El Maayergi stated that these losses are part of a broader landscape in which trade transactions remain slow, complex, and prohibitively expensive for many businesses.
He emphasised that Africa’s pursuit of economic growth is being hampered by this cross-border currency inefficiencies that result in multi-billion dollars losses yearly.
According to him, small and medium-sized enterprises, in particular, struggle to secure reliable partners, access affordable financing, and obtain timely market information, while banks face liquidity shortages, foreign-exchange pressures, and elevated cost premiums that further constrain trade.
He stressed that PAPSS Cowry represents a major move towards a fully connected African market, offering fast, secure settlements that minimise foreign currency dependence and make intra-African trade more affordable.He said the platform represents more than a technological advancement, adding that it signals a continent-wide effort to build a unified African payment ecosystem.
capable of strengthening economic integration and driving the next chapter of Africa’s growth.
El Maayergi noted that Afreximbank, working with the AfCFTA Secretariat and the African Union, is laying the institutional foundation for a seamlessly integrated African market.
“This effort includes long-term adjustment funds aimed at creating the enabling environment required for the AfCFTA to thrive,” he said. With these initiatives taking shape, he maintained that accessible, sustainable, and well-structured financing remains central to unlocking Africa’s full economic transformation.
Secretary General of the AfCFTA Secretariat, WamkeleMene, emphasised that Africa’s ability to remain competitive depends on its capacity to build and operate its own technological and financial systems. He argued that the continent must develop the tools required to manage its own payments and ensure it has the liquidity to settle transactions internally.
He noted that by conducting trade in local currencies, Africa can significantly reduce many of the barriers that continue to restrict intra-African commerce and weaken regional value chains.
Mene stressed that embracing homegrown development solutions is essential for strengthening Africa’s economic independence.
Platforms like PAPSS, he said, represent more than technological innovation. According to him, they symbolise the continent’s determination to take ownership of its economic future.
However, he acknowledged that a long-standing challenge still persists across many African societies which is the deeply rooted, inherited mindset that solutions to African problems must originate from outside the continent.
He commended the dedication and leadership of former Afreximbank President, Prof. Benedict Oramah and the current President, Dr. George Elombi, noting that their commitment has played a pivotal role in advancing initiatives that drive continental integration, strengthen Africa’s financial architecture, and empower the AfCFTA’s long-term vision.
Earlier, Chief Executive Officer of PAPSS, Mike Ogbalu, reflected on the deep historical roots of Africa’s fragmented financial and trade landscape.
He recalled how, in 1884, 14 Western powers gathered in Berlin and partitioned Africa with no regard for the people who lived on the land.
According to him, this decision shattered communities, separated people of shared ancestry, and imposed borders that disrupted natural social, cultural, and economic ties.He pointed out that groupsspread across Nigeria, Benin, and Togo, were forced apart by artificial boundaries.
