|By Adejumo Adekunle-
-Flutterwave CEO Urges Stronger Intra-African Trade Amid Global Economic Uncertainty
–Africa Must Build Infrastructure, Reduce Dollar Dependence — GB Agboola Tells Semafor Summit
As the world faces mounting economic headwinds, Flutterwave CEO, Olugbenga “GB” Agboola, has called for urgent investment in cross-border infrastructure and stronger intra-African trade to safeguard the continent’s future.
Speaking at the Semafor World Economic Summit in Washington, D.C., Agboola addressed a global audience during a fireside chat with Payoneer CEO, John Caplan, moderated by Semafor’s Yinka Adegoke.
“In a time when global trade is becoming more unpredictable, Africa cannot afford to remain fragmented,” Agboola said.
He highlighted that while there is momentum in trade between countries like Nigeria and Ghana, and Kenya and Uganda, the overall level of intra-African trade remains low. This, he warned, puts the continent at a disadvantage as economic shifts reshape global supply chains.
Agboola pointed to key policy frameworks such as AfCFTA (African Continental Free Trade Area), PAPSS (Pan-African Payment and Settlement System), and Ghana-Rwanda’s license passporting framework as evidence that the groundwork for economic integration is already in motion.
“Today, trade between African countries often requires routing funds through the US dollar,” he noted.
“With PAPSS and our infrastructure, we can simplify that — facilitating payments directly from naira to cedi, for example — and cut costs and time significantly.”
He stressed that building regional supply chains and reducing reliance on foreign currencies will empower African economies to become more resilient and competitive.
Payoneer CEO John Caplan echoed Agboola’s concerns, agreeing that global economic shifts will have long-term impacts on emerging markets, and that Africa must act swiftly.
Both leaders noted that despite challenges such as tariffs, cross-border trade is growing, driven by small businesses, multinational firms, and the rise of AI and digital innovation.
Agboola cited significant growth in remittances, travel, FMCG, and digital services as proof that the demand exists and that Flutterwave is already powering that growth across the continent.
“Global trade won’t wait — and Africa can’t wait either,” Agboola declared.
As the category leader in enterprise payment infrastructure, Flutterwave continues to position itself as the driving force in unlocking Africa’s economic potential through technology.
