The African Continental Free Trade Area (AfCFTA) is poised to become the world’s largest single market by population, and with SMEs already accounting for more than 80% of employment in Africa, the vision of an integrated and prosperous Africa leveraging its regional potential for trade is both bold and within reach.
But realising that vision requires more than policy frameworks or political will. It depends on infrastructure – not only physical infrastructure like roads and ports – but also the financial architecture that underpins modern, competitive economies. We need seamless digital systems that can move money, credit, and data across borders quickly, securely, and affordably.
Despite Africa’s progress in trade integration and development, this critical financial foundation remains incomplete. Cross-border payments are still costly and inefficient. Financial services remain out of reach for many rural and low-income communities, and Africa’s SMEs continue to struggle against a staggering $330bn financing gap. Moreover, in sectors like agriculture, manufacturing, logistics, and education, which should be scaling regionally under AfCFTA, the continent’s financial infrastructure is simply not fit for purpose.
A cloud-based digital infrastructure
To address this, we need a new model: one that replaces legacy systems with integrated, cloud-based platforms that connect banks, fintechs, regulators, and entrepreneurs through shared, secure digital infrastructure.
The opportunity is enormous. Africa’s digital economy is projected to grow to $712bn by 2050. There are over 1.1bn mobile money accounts across the continent. In markets like Kenya, Ghana, and Nigeria, digital platforms are expanding access to financial services and deepening financial inclusion.
However, we remain at the early stages of what is possible. Building truly continental digital infrastructure means investing in interoperable APIs, real-time payment systems, harmonised data standards, and scalable platforms. These systems will make it easier and far more affordable to do business across all of Africa’s 54 markets.
How cloud infrastructure enables financial inclusion and trade
Cloud technology is a critical enabler in this shift. It allows financial institutions to break free from the limitations of on-premise systems, offering flexibility, security, and cost efficiencies at scale. More importantly, it empowers institutions to serve customers, especially SMEs and underserved populations, in smarter, faster, and more inclusive ways.
In a cloud-first financial ecosystem, a smallholder farmer in Rwanda can receive cross-border payments from Côte d’Ivoire in local currency, instantly and securely. A fintech in Accra can leverage open banking APIs to deliver affordable working capital to informal merchants. Regulators, too, can gain real-time visibility across markets, enhancing trust, stability, and oversight.
Crucially, it also strengthens the cybersecurity backbone, ensuring that data protection, privacy, and compliance standards are met across jurisdictions. As digital systems scale, trust will hinge on convenience and the safety of financial data.
Cloud infrastructure also liberates African banks from legacy limitations, enabling them to better partner with global players and meet the fast-evolving expectations of a digital-first customer base.
This is the thinking behind our recent partnership at Ecobank with Google Cloud. It is a strategic investment in the infrastructure Africa needs. Through this partnership, we are modernising our core banking systems to support a Banking-as-a-Service (BaaS) platform.
This will allow fintechs and ecosystem partners to seamlessly plug into our infrastructure, delivering payments, credit, and remittance solutions that are fast, secure, and tailored to local needs. It will also enable faster and more reliable cross-border transactions, removing the friction that continues to challenge the promise of the AfCFTA.
Importantly, our partnership also directly addresses concerns around data privacy and sovereignty. In a globalized digital economy, the integrity of financial data is paramount. Working with Google Cloud gives us access to a secure, compliant, and globally distributed infrastructure that not only meets but often exceeds international standards for data protection and security. This partnership ensures we have the tools to control where our data is stored, processed, and managed, adhering strictly to the data residency requirements of each African market we operate in. By building on this trusted, robust foundation, we are able to strengthen our cybersecurity posture and demonstrate our unwavering commitment to customer trust and regulatory compliance across the continent.
Real sectors, real Impact
This change will also have far-reaching benefits in the real economy. For instance, in agriculture, a sector that employs over 60% of Africa’s workforce, better digital payment systems can reduce inefficiencies in trade and improve access to finance for smallholder farmers.
In manufacturing, interoperable financial systems can enable SMEs to serve multiple markets and participate in regional value chains. In education and healthcare, cross-border digital services depend on the ability to make and receive payments securely across borders.
Crucially, these advances must be inclusive. Women-led businesses, youth entrepreneurs, and informal traders stand to benefit most from a financial system that lowers costs, increases access, and removes friction. Without these reforms, the benefits of AfCFTA will remain out of reach for the very actors most critical to Africa’s future.
A priority for Africa’s next decade
Six years after the signing of the AfCFTA, it’s clear that trade agreements alone are not enough. For Africa to truly benefit from greater integration, we must focus on the digital infrastructure that enables it. Without the systems to move money, services, and innovation seamlessly across borders, the promise of intra-African trade will remain out of reach.
Now is the time to invest in the digital rails that will support this ambition. If Africa is to grow, compete, and prosper in the next decade, a connected, cloud-powered financial system is a development imperative.
