Zeal Akaraiwe, the Group Managing Director and CEO of FMDQ Group Plc, stated that for Africa’s cross-border payment systems to reach their full potential, there must be a greater facilitation of goods and services across borders. Akaraiwe, who has extensive experience in financial markets across Nigeria, Zambia, and the UK, made these remarks at the S&P Global Africa Summit 2026 held in Lagos.
Participating in a panel discussion titled ‘Beyond Banking: Fintech, Digital Assets and the Future of Capital Flows in Africa,’ Akaraiwe addressed the integration of digital assets into the financial ecosystem, indicating that while virtual assets are here to stay, the challenge lies in how they are assimilated into traditional systems.
Akaraiwe also discussed the role of exchange controls, acknowledging their protective function in the economy yet suggested that there is potential for these regulations to be softened, allowing for freer capital movement. However, he argued that the movement of goods and services is more crucial than capital flow, as an advanced payment system is ineffective if goods cannot cross borders.
He underlined that combining the easing of controls with investments in processing Africa’s raw materials on the continent could yield significant benefits for the region.
