That perspective shaped discussions at the 2026 E-Commerce and Payments Forum hosted by the Africa Retail Academy of Lagos Business School, where operators, regulators, fintech founders, and academic leaders gathered to map out what scalable African commerce should look like in practice.
The event, themed “Minimising Friction, Maximising Commercial Impact,” was convened by Olu Akanmu and Elo Umeh, both executive-in-residence at LBS, and brought together senior voices from across the ecosystem, including leaders from Konga Group, Moniepoint Group, Bumpa, as well as regulators, researchers, and commerce operators.
“Nigeria has gone very far…” — but business adoption still lags
Delivering the keynote, Prince Nnamdi Ekeh, Chief Executive Officer of Konga Group, praised Nigeria’s progress in fintech and digital payments while warning that enterprise-level adoption still has ground to cover if Africa wants truly seamless commerce.
“Nigeria has gone very far in online transactions and fintech innovation. The progress made by institutions such as Nigeria Inter-Bank Settlement System and the broader fintech ecosystem deserves commendation. However, there is still substantial work to be done if we are to unlock seamless international trade and scale commerce across Africa,” he noted.
His remarks reflected a growing consensus that consumer adoption of digital payments has outpaced the readiness of many businesses to fully integrate digital infrastructure into their operations.
Stablecoins, crypto skepticism, and the push for practical innovation
A major focus of the keynote was the role of stablecoins in reshaping cross-border commerce. While cryptocurrency continues to spark regulatory caution and public skepticism, Ekeh argued that separating hype from utility is essential.
“People often become nervous when they hear the word crypto,” he said. “But every technology has two sides. Artificial Intelligence, for example, is creating enormous value, yet it can also be misused. The same principle applies to crypto. The focus should be on how we leverage the positive side of technology to create productivity, improve efficiency, and solve real business problems.”
He explained that his company has experimented with stablecoin infrastructure to address liquidity constraints and improve payment efficiency, particularly in cross-border operations.
“Konga invested heavily in building its own infrastructure because we recognised a problem that needed solving. By tapping into available liquidity and embracing emerging technologies responsibly, we have been able to improve business processes and unlock new opportunities for growth,” he stated.
Trust remains the biggest barrier in digital commerce growth
Across multiple sessions, participants repeatedly returned to one central concern: trust. Whether discussing digital payments, crypto adoption, or cross-border trade, speakers emphasized that confidence in systems remains the foundation for scaling commerce.
Ekeh acknowledged that concern directly but pointed to ongoing efforts by regulators to create clearer guardrails.
“There are already guardrails being established. Both the Central Bank of Nigeria and the Securities and Exchange Commission Nigeria are working collaboratively to create a more structured and transparent regulatory framework. That is an important step toward building confidence and encouraging responsible innovation,” he said.
Everyday behaviour is already changing faster than expected
Beyond institutional reform, Ekeh also highlighted how quickly consumer habits are evolving on the ground. He pointed to everyday digital transactions as evidence that adoption is already deeply embedded in daily life.
“The reality is that Nigerians are already embracing digital payments in everyday life. Businesses must evolve at the same pace. We need to move beyond old assumptions about cash and fully embrace the efficiencies that digital transactions offer,” he remarked.
His example of completing a roadside transaction via digital transfer illustrated how informal commerce is increasingly blending with formal fintech systems.
Logistics, pricing, and the real cost of friction
Beyond payments, attention also turned to fulfilment challenges. Melvin Onochie of Konga Group emphasized that friction in logistics, pricing, and delivery continues to limit the potential of e-commerce even when payment systems work effectively.
He stressed that companies that successfully balance convenience, speed, reliability, and affordability will be the ones to dominate Africa’s increasingly competitive digital marketplace.
A shared conclusion: infrastructure, trust, and execution will define the next phase
The forum ended with broad agreement that Africa’s commerce transformation will not be driven by technology alone, but by how effectively that technology is implemented to solve real operational constraints.
The central message from Ekeh captured that outlook clearly: Africa already has the talent, demand, and innovation base required. What remains is scaling it responsibly across borders with stronger infrastructure and clearer rules.
As discussions closed, one theme stood out—digital commerce in Africa is no longer about proving possibility. It is now about removing friction, building trust, and executing at scale.