The Chief Operating Officer of Nsano, Solace Kidisil, has emphasised the urgent need to address policy gaps and enhance financial inclusion to fully leverage the African Continental Free Trade Area (AfCFTA) during the Tech Forum of the Citi Business Festival.
The forum, themed “Digital Business; Emerging Global Opportunities versus Local Challenges,” served as a platform for industry leaders to discuss the intersection of digital innovation and economic development.
Kidisil highlighted the immense potential of AfCFTA, which boasts an anticipated market value of $3.4 trillion.
However, she pointed out that bureaucratic hurdles, such as the need for multiple visas, hamper seamless trade across the continent.
“The richest man in Africa mentioned needing 30 visas to travel across Africa. That shows significant policy gaps that need to be addressed,” she said.
“One of the major challenges identified was the fragmentation of currencies, with over 40 different currencies in use across the continent. This diversity complicates transactions and trade.”
Kidisil suggested that fintech innovations could play a crucial role in bridging these gaps.
“For trade across Africa to work, we need to do more on financial inclusion. Our challenges actually serve as opportunities for us, and we have to leverage them,” she stated.
The Citi Business Festival 2024 is powered by 97.3 Citi FM and ChannelOne TV in partnership with Absa Bank and is sponsored by MTN Business, GIRSAL, AMG Fertilizer and Nsano Ltd.
