Paying Lagos is still harder than paying London

For many South African businesses, paying a supplier in Lagos still involves more friction, delays and administrative complexity than settling a payment in London – a paradox that Ola Oyetayo, CEO and co-founder of Verto, says continues to undermine African trade growth.

Despite growing trade across the continent, businesses moving money between African markets continue to face capital controls, fragmented banking rails, foreign currency shortages and transaction limits that often make regional payments harder than sending money to major global financial centres.

“Paying Lagos is actually harder than paying London,” he says. “That should not be the case in 2026, particularly when there is so much conversation around growing trade within Africa.”

According to Oyetayo, the problem receives far less attention than it deserves, despite increasing pressure on South African businesses expanding into markets such as Nigeria, Kenya, Ghana and Tanzania.

“Trade between African countries is growing despite the infrastructure challenge, not because of it,” he says. “You can have a country right next door and still struggle to move money there efficiently.”

The challenge is particularly relevant for South African businesses, many of which increasingly operate across what Oyetayo describes as a “two-corridor reality”: trading both across African markets and with major global economies such as the United Kingdom, Europe and the United States.

“South Africa is simultaneously a hub into the rest of Africa and a bridge to major global markets,” he says. “Businesses here increasingly need infrastructure that supports both.”

While South Africa benefits from sophisticated banking infrastructure, strong regulation and deep capital markets, exchange control requirements can create additional administrative friction for businesses moving money offshore – whether into African markets or globally.

“Businesses are not trying to avoid the rules,” says Oyetayo. “They just want payments to work.”

The issue comes at a time of growing trade momentum across the continent. Yet, despite increasing economic integration and the ambitions of the African Continental Free Trade Area, intra-African trade still accounts for only around 15% of total African trade, significantly lower than regions such as Europe, where regional trade exceeds 60%. He believes payment friction remains one of the biggest barriers to unlocking greater trade between African markets.

At the same time, trade corridors are shifting. Africa–China trade has expanded rapidly in recent years, creating new opportunities for South African importers, exporters and businesses operating across multiple markets. Oyetayo says businesses are increasingly looking beyond traditional Western markets, but many still face unnecessary friction when moving money into African corridors.

Verto is expanding infrastructure designed to support what Oyetayo describes as South Africa’s dual trading reality, with access to 30 pay-in countries and 20 outbound currencies from the rand to help businesses move money both across Africa and into global markets.

“We cannot wait for policy and infrastructure to catch up,” he says. “The businesses that win will be the ones equipped to move seamlessly both within Africa and to the rest of the world. We are building the corridors businesses need now.”