Mr. Joseph Elvis Lamptey, the Director of Growth for PayAngel, recently highlighted the importance of robust payment infrastructure for promoting successful cross-border trade, especially in Africa. During the second edition of the AfCFTA Business Forum held at the Kigali Convention Centre in Rwanda on October 10, 2024, he emphasized the vital role of payment platforms in facilitating smooth financial transactions. By streamlining processes for goods and services trading both within Africa and internationally, platforms like PayAngel contribute significantly to business success. Lamptey noted that ensuring prompt payments for delivered goods and services is essential for the sustainability of business operations, as unreliable payment systems can hinder commercial activities and jeopardize trade relationships.
Lamptey specifically addressed the relevance of PayAngel’s services to the African Continental Free Trade Area (AfCFTA) initiative. He remarked that payment platforms are indispensable for fostering cross-border trade and that PayAngel is well-positioned to support this movement. The function of payment processing becomes even more crucial when considering the aim of the AfCFTA to enhance trade among African nations. Lamptey stated, “For cross-border trade to thrive, payment platforms are a sine qua non,” underscoring the necessity of seamless payment systems for driving economic activities between African nations and the diaspora. The integration of PayAngel into AfCFTA protocols will facilitate easier transactions for businesses, creating more opportunities for economic collaboration.
To further illustrate PayAngel’s commitment, Lamptey acknowledged his recent meeting with Hon. Prudence Sebahizi, currently the Minister for Trade in Rwanda. Their discussion at the Africa 40 Under 40 event in Nairobi set the stage for PayAngel’s active participation in the Biashara Afrika 2024 initiative. The forum serves as a showcase for the company’s contributions toward making cross-border business payments more efficient, solidifying PayAngel’s role as crucial to the development of a cohesive trade environment in Africa. This highlights not only the local economic impact of PayAngel but also its strategic importance in linking businesses across national borders.
Headquartered in the UK, PayAngel operates subsidiaries across Ghana, the USA, Canada, Australia, and parts of Europe, where it focuses on facilitating cross-border payments and remittances. The company’s international presence enables it to harness diverse markets and streamline financial transactions effectively, directly impacting the economic landscapes of the regions in which it operates. Lamptey’s comments at the forum pointed to an enlarged vision for commerce in Africa, driven by developments in digital payment technologies and a growing emphasis on international partnerships within the continent.
The AfCFTA Business Forum, titled Biashara Afrika 2024, commenced from October 9 to 11, 2024, under the esteemed patronage of Rwandan President H.E. Paul Kagame. This year’s theme, “Dare to Invent the Future of the AfCFTA,” is reflective of the ambitious goal set by the forum to encourage inventive ideas that drive trade and economic growth. The forum serves as an important platform for dialogue among various stakeholders in both the public and private sectors, including multinationals. This year, discussions centered on the barriers and opportunities in constructing both regional and continental value chains, which are pivotal in enabling reliable supply chain networks and unlocking the potential of intra-African trade.
In conclusion, Mr. Lamptey’s remarks at the AfCFTA Business Forum shed light on the indispensable role of effective payment infrastructures in enhancing cross-border trade in Africa. By leveraging technologies and best practices in financial transactions, companies like PayAngel can significantly contribute to the goals of the AfCFTA. The discussions and presentations during Biashara Afrika 2024 not only illustrate existing challenges but also pave the way for sustainable solutions that could redefine commercial landscapes across the continent. In an ever-evolving economic climate, harnessing the potential of digitized payments will be crucial for establishing a robust and prosperous intra-African trade ecosystem, promoting stronger economic ties and collaborative growth among nations.
