The Centre for Economic Research and Policy Analysis (CERPA) has called for a major overhaul of Africa’s financial and data systems to ensure that women, youth, and small businesses can fully benefit from the African Continental Free Trade Area (AfCFTA).
Mr. Ebenezer Amankwah-Minkah, Executive Director of CERPA, made the call during a panel discussion titled “Opening the Gates: How finance and data are powering women, youth and SMEs in Africa’s single market.”
Addressing the challenges of financing small and medium-sized enterprises, Mr. Amankwah-Minkah said Africa cannot rely only on traditional bank lending methods.
“If we rely solely on the same traditional tools — collateral, balance sheets, and credit histories — we will continue financing only a fraction of Africa’s real economy,” he said.
“Millions of women, youth, and SMEs are already engaging in cross-border trade and generating income, but because their activity sits outside formal banking systems, it remains invisible to finance. This disconnect limits inclusive participation under AfCFTA and these entrepreneurs remain unsupported.”
He stressed the importance of data-driven credit systems and collaboration between governments and the private sector to reduce information gaps.
“Two kinds of data are critical for financing decisions — market data and credit data. To generate both, businesses must leave digital trails,” he explained.
He pointed to digital platforms that can record daily transactions for informal and semi-formal traders, enabling financiers to assess business activity, income stability, and growth potential.
“If a woman is trading jewellery across different African markets, there should be a system where her transactions are recorded. That data becomes evidence of economic activity and supports access to finance for expansion,” he said.
“Data is the new collateral. Today, financial decisions are increasingly driven by data footprints rather than physical assets. That is the kind of system we must build to support inclusive trade under AfCFTA.”
Mr. Amankwah-Minkah also called for stronger cooperation among banks, fintech companies, governments, and development partners to make SMEs visible, documented, and investment-ready.
“Financial institutions must work together to help SMEs get documented. Providing simple digital tools that enable entrepreneurs to record daily transactions is a practical step toward making them creditworthy and competitive,” he said.
He emphasised the need for accessible and non-punitive regulations, particularly for women and rural entrepreneurs.
“Formality must be accessible. Expecting an entrepreneur in a remote community to travel long distances just to register a business creates exclusion. In some African countries, business registration can be completed digitally — that is the direction in which the world is moving and we must not be left behind,” he noted.
Highlighting the high cost and complexity of intra-African trade, he said, “It is often easier to trade with markets outside the continent than across African borders. If AfCFTA is to succeed, we must address the structural and cost barriers that make intra-African trade uncompetitive.”
He concluded with a call to action: “Finance and data are not just tools — they are the operating system for inclusive trade. If we want AfCFTA to be truly participatory and transformative, finance and data must be placed at the center of its implementation.”
