The push for a single African currency has once again taken center stage as fintech expert and Condia founder, Benjamin Dada, argued that a unified currency could significantly improve trade across the continent. Speaking during a virtual press conference ahead of The Borderless Experience 2026, Dada highlighted how Africa’s fragmented monetary system continues to slow commerce despite major advances in financial technology and digital payments.
According to Dada, businesses and consumers across Africa still face challenges when making cross-border transactions due to multiple currencies, foreign exchange complications, and disconnected settlement systems. He noted that a common currency could help remove many of these barriers, making it easier and faster for businesses to trade across borders. However, he acknowledged that achieving such a goal would require unprecedented political and economic cooperation among African nations.
Drawing comparisons with Europe’s monetary union, Dada explained that Africa’s situation is far more complex because the continent consists of 54 countries with diverse economic interests and policies. Establishing a single currency would also require a central monetary authority, a move that could face resistance from governments seeking to maintain control over their national economies. As a result, he believes Africa should continue strengthening payment infrastructure while discussions around monetary integration evolve.
Rather than waiting for a unified currency, Dada pointed to innovations such as the Pan-African Payment and Settlement System (PAPSS), stablecoins, and artificial intelligence as practical solutions already helping to improve cross-border transactions. He explained that these technologies are reducing settlement delays, lowering transaction costs, and making it easier for businesses to transact in local currencies without relying heavily on traditional correspondent banking networks.
With Africa’s cross-border payments market now estimated at $329 billion and growing rapidly, Dada said the continent is entering a new era of financial connectivity driven by the African Continental Free Trade Area (AfCFTA), mobile money adoption, and digital innovation. He observed that many Nigerian fintech companies are increasingly expanding beyond domestic markets, reflecting the growing demand for seamless international payments. Industry stakeholders are expected to further explore these opportunities and challenges at The Borderless Experience 2026, where regulators, investors, fintech leaders, and payment operators will gather to discuss the future of Africa’s evolving payments ecosystem.
source: punch
