The Federal Government has launched a comprehensive report aimed at providing Micro, Small, and Medium Enterprises (MSMEs) with better access to the vast $3.5 trillion market created by the African Continental Free Trade Area (AfCFTA) through enhanced digital trading systems.
This report, entitled Cross-Border Digital Payments and Identity in Nigeria under the AfCFTA, was presented in Abuja by Ibrahim Hassan Hadejia, the Deputy Chief of Staff to the President.
The initiative, which took place under the auspices of the Office of the Vice President in cooperation with ODI Global, forms part of the Supporting Investment and Trade in Africa (SITA) programme.
Hadejia highlighted the report's significance, describing it as timely and strategic, emphasizing Nigeria's ambitions to lead in formulating the digital trade landscape across Africa.
He stressed the importance of ensuring effortless cross-border transactions for businesses, particularly SMEs, as a means to unlock trade potential, stimulate economic growth, and generate job opportunities.
According to him, an effective payment infrastructure reinforced by reliable digital identity systems will be essential to achieving President Bola Ahmed Tinubu's Renewed Hope vision for Nigerian MSMEs.
Hadejia pointed out that innovations such as the Pan-African Payment and Settlement System, along with Nigerian fintech companies like PalmPay and Moniepoint, are expected to significantly advance the adoption of cross-border digital payments.
He assured attendees that the government is dedicated to fortifying the necessary infrastructure, regulatory measures, and collaborations to bolster Nigeria's leadership in the digital trade sector.
Temitola Adekunle-Johnson, the Special Adviser to the President on Job Creation and MSMEs, remarked that this report would provide substantial enhancements to the MSME ecosystem.
He acknowledged the historical inefficiencies in cross-border payments throughout Africa but noted that systems like the Bank Verification Number (BVN) and the National Identification Number (NIN) are revolutionizing the operational environment.
Salihu Dasuki, the President’s Special Assistant on ICT Policy, revealed that efforts are underway to implement frameworks that will expedite seamless cross-border payments for MSMEs.
Equally, Shuda Ahmed, the President’s Special Assistant on Project Support, underscored the necessity for accessible and efficient payment systems for MSMEs aiming to expand beyond local markets.
The event saw participation from various stakeholders, including representatives from AfCFTA, the National Information Technology Development Agency, the National Identity Management Commission, and the Federal Competition and Consumer Protection Commission.
Comments (0)
You must be logged in to comment.
Be the first to comment on this article!