Nigeria Unveils Strategic Digital Payments Report to Unlock $3.5 Trillion AfCFTA Market for Local MSMEs

Nigeria targets the $3.5 trillion AfCFTA market with a new report on digital payments and identity for MSMEs. Learn how fintech and NIN/BVN will drive trade.

By: AXL Media

Published: Mar 31, 2026, 4:16 AM EDT

Source: The information in this article was sourced from THISDAYLIVE

A Blueprint for Digital Integration

The Nigerian government has officially released the "Cross-Border Digital Payments and Identity in Nigeria Under the AfCFTA" report, a strategic document designed to bridge the gap between local producers and the $3.5 trillion African market. Launched in Abuja by Ibrahim Hadejia, Deputy Chief of Staff to the President, the report marks a critical milestone in the country's Digital Trade Strategy. By focusing on the intersection of payment technology and digital identity, the government aims to position Nigeria as the primary driver of digital commerce across the continent, ensuring that the AfCFTA agreement translates into tangible prosperity for domestic industries.

Fintech as the Engine of Continental Trade

A central theme of the report is the pivotal role of Nigerian financial technology firms in driving the adoption of the Pan-African Payment and Settlement System (PAPSS). Government officials highlighted major players like PalmPay and Moniepoint as essential partners in scaling these digital solutions. Because these firms already possess some of the continent's largest and most active user bases, they are uniquely positioned to transition informal cross-border trade into formal, efficient digital channels. This shift is expected to reduce the high costs and long wait times historically associated with moving money across African borders.

Leveraging NIN and BVN for Trusted Transactions

The report emphasizes that efficient trade is impossible without a robust foundation of trust and identity. Special Adviser to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, noted that the emergence of the National Identification Number (NIN) and Bank Verification Number (BVN) has already begun to transform the landscape. These systems provide the verified digital identities necessary for secure cross-border transactions, helping to mitigate fraud and meet international regulatory standards. The integration of these identity markers into trade protocols is a key recommendation aimed at helping small businesses scale beyond their domestic markets.