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Access to trade finance continues to pose a major challenge for small and medium-sized enterprises (SMEs) across Africa, limiting their ability to expand operations, access international markets, and fully participate in regional trade opportunities.
Industry stakeholders have warned that high financing requirements, volatile exchange rates, fragmented regulations, and inefficient cross-border payment systems remain significant barriers to business growth across the continent.
The concerns were raised during the 6th Africa Finance Festival 2026 Gala, held recently in Lagos and organised by InstinctWave in partnership with CFO Magazine.
The event, hosted at the Lagos Oriental Hotel, brought together finance leaders, regulators, investors, and business executives to discuss the future of digital finance, trade expansion, innovation, and Africa’s economic transformation.
SMEs Face Financing Constraints
Speaking at the event, Director of Finance at the Ghana Export Promotion Authority, Bernice Awube Armah-Ampofo, highlighted the persistent difficulties African exporters and SMEs face in securing trade finance.
Director of Finance at the Ghana Export Promotion Authority, Bernice Awube Armah-Ampofo
According to her, financing requirements remain difficult for smaller businesses to meet, making it harder for them to scale and compete effectively in regional and global markets.
“Accessing trade finance is cumbersome, and the thresholds are quite high for SMEs,” she said.
Armah-Ampofo identified high capital costs, currency volatility, fragmented regulatory frameworks, and weak payment systems as major factors slowing trade growth across Africa.
She urged governments, financial institutions, and private sector stakeholders to strengthen regional collaboration and leverage fintech innovations to close financing and payment gaps.
According to her, digital financial solutions could play a critical role in improving access to capital and simplifying cross-border transactions for businesses operating across African markets.
Africa Finance Festival Promotes Industry Dialogue
Group Chief Executive Officer of InstinctWave, Akin Naphtal, described the Africa Finance Festival as an important platform for advancing conversations around finance leadership, innovation, and economic development across the continent.
“Over the course of the festival, we have had the privilege of hearing from outstanding keynote speakers, panellists, regulators, investors, and finance executives,” he said.
He noted that beyond policy discussions, the gala also served as an opportunity to recognise excellence within Africa’s financial ecosystem.
“Tonight, however, we gather for a different but equally important purpose: to celebrate excellence,” Naphtal added.
According to him, the awards segment of the festival was designed to honour institutions and professionals making significant contributions to innovation, discipline, and impact in Africa’s financial sector.
Digital Payments Driving Financial Inclusion
The discussions at the event also reflected the growing importance of digital payments in supporting financial inclusion and cross-border trade.
Recent data from the GSMA shows that global mobile money transactions exceeded $2.3 trillion in 2025, with Sub-Saharan Africa accounting for nearly two-thirds of the total transaction value due to rapid adoption across the region.
The figures reinforce the increasing role of digital payment platforms in expanding financial access and supporting business growth, particularly for SMEs operating in fragmented financial environments.
Stakeholders at the event noted that improved payment systems could significantly reduce friction in trade, improve transaction efficiency, and help businesses participate more effectively in Africa’s growing regional economy.
Networking, Collaboration Take Centre Stage
Beyond panel discussions and keynote sessions, the gala also created opportunities for business networking and collaboration among participants.
Attendees engaged in interactive sessions designed to foster partnerships, strengthen professional relationships, and encourage cross-sector collaboration ahead of the award presentations.
The event attracted support from sponsors including MTN Nigeria, the Ghana Export Promotion Authority, and several other participating organisations.
Closing the gala, Naphtal reaffirmed the organisers’ long-term ambition for the platform.
“Our vision remains bold — to continue to build the Africa Finance Festival into one of Africa’s most influential platforms for finance leadership, policy dialogue, innovation, and economic transformation,” he said.
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