Afreximbank's George Elombi: Africa must cut currency barriers to trade with itself

Lagos — Africa needs to reduce currency barriers and strengthen its payment systems if trade between African countries is to grow, the President of the African Export-Import Bank (Afreximbank), Dr George Elombi, has said.

In an interview with Arise News, Elombi said the many national currencies on the continent remained a major obstacle for businesses and traders trying to sell across borders and get paid.

Nigeria and Benin

He gave the example of Nigeria and its neighbour Benin. "You have numerous currencies, but you have to pay. Benin and Nigeria are so close, two different currencies. The trading lady in Benin needs to sell to Nigeria. And all you do get if you sell to Nigeria is naira, but she needs CFAs in Benin," he said.

An idea from 1963

Elombi said Afreximbank had backed a continental payment system to solve this, an idea that goes back to 1963, when African heads of state at the first meeting of the Organisation of African Unity resolved that Africa needed one. "And it took so long for us to get to it, but yet we are there," he said.

The Pan-African Payment and Settlement System (PAPSS) is now working, he said, but must grow. "It has to grow in volumes. And that's the business we are on. And once that is developed, then ultimately, hopefully with time, we would then narrow the currencies."

He also pointed to the Intra-African Trade Fair, which he said was likewise decided at that first meeting in 1963, as a way of connecting businesses across the continent.

Source: Arise News, November 2026.