AfCFTA chief urges African banks to urgently adopt PAPSS

The Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene has revealed to Global Audience during the 2026 World Economic Forum that the Africa Continental Free Trade Area represents Africa’s strategic shield against tariff weaponization.

Mr Mene seized the opportunity to call for urgent action to accelerate the adoption of the Pan-African Payment and Settlement System (PAPSS) by African banks, describing it as critical to lowering transaction costs and enhancing the competitiveness of cross-border trade across the continent.

Speaking at the Pan-African Regional Integrated Roundtable during the World Economic Forum, Mene told participants that the digital payment infrastructure must be rapidly scaled up to unlock the full potential of intra-African commerce under the AfCFTA framework.

The high-level discussion, themed on “Unlocking Trade and Investment through the AfCFTA,” was hosted by South Africa House on the sidelines of the World Economic Forum’s Annual Meeting in Davos. The roundtable brought together policymakers, business leaders, and development partners to examine progress in implementing the continental free trade agreement and identify pathways to accelerate its impact.

In his remarks, Mene highlighted the significant strides made in establishing the regulatory architecture necessary for the AfCFTA to function effectively. He pointed to the development of trade protocols, rules of origin, and dispute resolution mechanisms as evidence of the continent’s commitment to creating an integrated market of 1.3 billion people.

However, the Secretary-General devoted considerable attention to the current global trade environment, characterising it as increasingly unstable due to shifting geopolitical dynamics and what he described as the growing ‘weaponisation of tariffs’ by major economies.

“Amid these global uncertainties, the AfCFTA stands as Africa’s most strategic response to protect and advance its trade interests,” Mene asserted, underscoring the agreement’s role as both an economic integration tool and a defensive mechanism against external trade shocks.

The AfCFTA, which became operational in January 2021, aims to create a single market for goods and services across 54 African countries, with the potential to lift millions out of poverty and position the continent as a major player in global trade.

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