Stakeholders have renewed calls for the development of robust, Africa-driven trade settlement frameworks aimed at easing constraints and improving commerce within the continent.
The appeal was made in Abuja during a workshop on innovations in African trade settlement systems focused on strengthening regional economic integration.
The event was organised by the International Centre for Research and Innovation in Traditional Resources at Nnamdi Azikiwe University.
The gathering brought together academics, legal practitioners, financial analysts, technology experts and trade policy specialists to examine challenges affecting intra-African trade.
Participants highlighted persistent issues such as foreign exchange limitations, inconsistent commodity valuation methods and weak settlement infrastructure as key barriers to efficient cross-border trade.
They recommended coordinated policy and institutional reforms to enhance transparency, efficiency and trust in regional trade systems.
Discussions also centred on the proposed African Structured Reciprocal Trade and Credit Model (ASTRA-C) and the Zamani platform, both designed to improve trade coordination, settlement processes and regulatory alignment across African markets.
At the end of the workshop, stakeholders agreed to set up a Technical Working Group to define the governance, legal and operational framework for the initiative.
They also endorsed a phased rollout strategy covering research, regulatory consultations and pilot implementation.
According to participants, the proposed framework is intended to complement existing banking systems while remaining compliant with financial regulations.
They further stressed the importance of strong safeguards around governance, accountability, data protection and anti-money laundering measures within Africa’s trade ecosystem.
The stakeholders noted that achieving the objectives of the African Continental Free Trade Area (AfCFTA) would require innovative and trusted settlement systems capable of supporting seamless trade across borders.
The meeting concluded with a commitment to advance technical design work and strengthen institutional partnerships in the next phase of implementation.