Africa’s New Payment System: Secret Weapon Against Dollar Dominance
Africa’s New Payment System: Secret Weapon Against Dollar Dominance
#AfricanCurrents | "[African] leaders recognized that, if the African Continental Free Trade Area (AfCFTA) is going to succeed as a truly unified African market, it will not depend only on reducing tariff, but it will require an integrated financial infrastructure that can deliver real-time, local currency-based settlement across borders. And that is what the Pan-African Payment and Settlement System (PAPSS) is giving to us today,” Dr. Olusegun Obasun, one of Nigeria's seasoned bankers and business consultant, said.
In a strategic move to strengthen intra-continental trade, the African Union and Afreximbank are rolling out an organic (continent-wide) payment system—facilitating instant cross-border transactions settled in domestic currencies.
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