Agboola advocates stronger cross-border infrastructure

Flutterwave CEO and Founder, Olugbenga “GB” Agboola , has called for accelerated investment in Africa’s cross-border payment infrastructure to drive intra-African trade amid growing global economic volatility.

Speaking during a high-level fireside chat with Payoneer CEO John Caplan at Semafor’s annual World Economic Summit in Washington, D.C., Agboola emphasized that geopolitical shifts and uncertainties in global trade make it imperative for Africa to strengthen internal economic ties and regional supply chains.

“In a time when global trade is becoming more unpredictable, Africa cannot afford to remain fragmented,” Agboola told the audience during the session moderated by Semafor’s Africa Editor, Yinka Adegoke.

While acknowledging that cross-border payment innovation is expanding beyond Africa’s traditionally dominant fintech markets, Agboola noted that intra-African trade still represents a small fraction of the continent’s overall commerce. He pointed to growing trade flows between countries such as Nigeria and Ghana, Kenya and Uganda, and Rwanda and Ghana as early signs of momentum—but stressed that more infrastructure is needed to scale these efforts.

Agboola lauded frameworks like the African Continental Free Trade Area (AfCFTA), the Pan-African Payment and Settlement System (PAPSS), and license passporting agreements between countries such as Ghana and Rwanda, as vital steps toward simplifying and accelerating cross-border payments.

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“Today, trade between African countries often requires routing funds through the US dollar,” he said. “With PAPSS and our infrastructure, we can simplify that—facilitating payments from naira to cedi directly, reducing both cost and time.”

He further noted that Flutterwave is investing in technology and infrastructure to support sectors showing rapid growth in cross-border activity, including remittances, travel, fast-moving consumer goods, and digital services.

Both Agboola and Caplan agreed that small and medium-sized businesses, as well as multinationals leveraging technologies like artificial intelligence, will continue to be key drivers of cross-border trade growth across Africa.

“As global trade evolves, Africa must not be left behind,” Agboola concluded. “Flutterwave is committed to building the payment infrastructure that powers Africa’s growth, competitiveness, and integration into the global economy.”