Africa Must Define Its Payment Future Through Collaboration, Infrastructure and Interoperability – DeRemi Atanda

L–R: Dr. Valentine Obi, Founder/Group CEO, eTranzact; Clara Arthur, MD/CEO, GHIPSS; Premier Oiwoh, MD/CEO, NIBSS; Mike Ogbalu III, CEO, Pan-African Payment & Settlement System (PAPSS); Dr. Francis Lwanga, CEO, ZECHL; Ositadimma Ugwu, CIO, PAPSS; and ‘DeRemi Atanda, MD/CEO, Remita Payment Services Limited, after a panel session, themed “ The Role of Switches in Enabling Interoperability & Real-time Settlement” at the PAPSS Cowry Conference, held recently in Lagos.

 Africa must deliberately define its payments future by investing in shared infrastructure, interoperability, and deep collaboration between banks and fintechs, Managing Director of Remita Payment Services Limited, DeRemi Atanda, has said.

Atanda made the call at the inaugural Pan-African Payments and Settlement System (PAPSS) Cowry Conference, held in Lagos, where key financial stakeholders converged to chart the future of cross-border payments and intra-African trade.

The conference, hosted by PAPSS under the guidance of Afreximbank, the African Union, and the AfCFTA Secretariat, brought together central bankers, commercial banks, fintech leaders, regulators, and policymakers under the theme “Connecting Payments. Accelerating Africa’s Trade.”

Throughout the event, a unified message emerged: Africa is no longer waiting for external systems to define its economic destiny but is actively building a payments ecosystem tailored to its continental realities and ambitions.

Delivering the keynote address, PAPSS Chief Executive Officer, Mike Ogbalu III, traced Africa’s payment challenges to historical fragmentation and currency silos that continue to limit intra-African trade.

“PAPSS is a shared ecosystem that preserves competition while enabling collective value creation. It is a vision that began decades ago and is now fully operational,” Ogbalu said.

Atanda provided practical industry insight across two high-level panel sessions, focusing on interoperability, real-time settlement, fintech collaboration, and digital trade infrastructure.

Speaking during the panel on “The Role of Switches in Enabling Interoperability and Real-Time Settlement,” alongside representatives from eTranzact, GHIPSS, NIBSS, ZECHL, and PAPSS, Atanda described payments as the invisible arteries of Africa’s economy.

“Africa must first be connected through payments. That is the true starting point for trade integration,” he said.

He noted that PAPSS has moved Africa’s integration ambition from theory to execution, enabling seamless cross-border payments across multiple countries and currencies.

According to him, switching infrastructure should be seen as an enabler rather than the end goal.

“Switching is not what the man on the street interacts with. It is simply the engine behind the system. What truly matters is what consumers are able to do,” Atanda explained.

He further emphasized the rising role of fintech companies in driving cross-border commerce, stressing the need for stronger integration between banks and fintech operators.

“Fintechs are rapidly becoming key drivers of trade across Africa. Their interface with core banking systems is now central to economic expansion,” he said.

Atanda returned for the second panel, “Moving Money, Moving Goods under AfCFTA – Fintech’s Role,” alongside executives from Interstellar, Yellow Card, Conduit Technology, Brij Technologies, and Ibex Frontier.

The discussion focused on financial inclusion, usability, and how digital payments are unlocking commerce at scale across the continent.

Highlighting the impact of interoperability on everyday users, Atanda said Africans should be able to transact across borders regardless of their bank or location.

“Irrespective of where you bank locally, you should be able to make cross-border payments using one number. From your mobile wallet, phone, or bank account, you can transact directly,” he stated.

He added that Africa has moved beyond fixing fragmented payment systems and is now focused on creating new use cases and economic opportunities.

“You do not have to be everywhere on your own. When you operate within a shared ecosystem built on common standards, collaboration becomes scale,” he noted.

In closing, Atanda described PAPSS as a consumer-centred system that decentralises access and empowers individuals and businesses.

“PAPSS is putting power directly in the hands of people, through multiple touchpoints that make cross-border transactions easier, faster, and more inclusive,” he said.

Atanda’s participation positioned Remita Payment Services Limited as both a Nigerian fintech leader and a key contributor to Africa’s digital payments infrastructure, reinforcing the message that Africa’s trade future depends on payments, policy, and platforms evolving together.