Moonshot talks push easier Africa trade

Moonshot Talks Push for Easier Trade Across Africa

By Staff Reporter

LAGOS, Nigeria – Business experts and technology leaders at the Moonshot 2026 conference in Lagos have called for simpler business regulations and cheaper digital payment systems to encourage trade across African countries.

The conference brought together industry leaders to discuss the challenges preventing African businesses from expanding beyond their home countries. Participants identified complicated government regulations, expensive cross-border transactions and disconnected financial systems as major obstacles to economic growth.

According to a report by Africanews published on November 5, intra-African trade accounts for less than 17 per cent of the continent's total trade, compared with more than 60 per cent in Europe. This highlights the difficulties African businesses face despite the opportunities offered by the African Continental Free Trade Area (AfCFTA), which aims to create a market worth approximately $3.4 trillion.

One of the major problems raised at the conference was the difficulty of doing business across different African countries. Companies often face different registration requirements, licensing procedures, tax regulations and border restrictions. These challenges increase operating costs and make it difficult for small businesses to expand into neighbouring markets.

The experts also emphasised the importance of affordable and reliable digital payment systems. They explained that businesses sometimes lose significant amounts of money through currency conversion charges and third-party payment services. Some transactions reportedly attract additional costs of up to 10 per cent.

Improved digital payment systems would allow businesses to transfer money across borders more easily, reduce transaction expenses and complete international transactions faster. Experts also highlighted the need for interconnected financial systems that allow customers' information to be transferred securely between countries.

The proposed reforms could bring significant benefits to African startups and small businesses. Easier regulations would reduce the cost of entering new markets, while affordable payments would help entrepreneurs manage their finances more effectively. Startups could also reach more customers, attract investors, create employment opportunities and compete with larger businesses.

Adetola Onayemi, Chairman of Norebase, stressed the need to move beyond trade agreements and address the practical challenges businesses encounter at borders, ports and financial institutions.

The discussions at Moonshot 2026 highlight the importance of cooperation between African governments, financial institutions and technology companies.

Ultimately, making trade easier across Africa could strengthen local businesses, encourage innovation and contribute to economic development. However, achieving this goal will require governments to turn policy discussions into practical reforms that benefit businesses across the continent.