https://en.sputniknews.africa/20260812/africa-faces-financial-restrictions-could-russias-a7-system-offer-an-alternative-1088264445.html
Africa Faces Financial Restrictions: Could Russia's A7 System Offer an Alternative?
Africa Faces Financial Restrictions: Could Russia's A7 System Offer an Alternative?
Sputnik Africa
Africa Faces Financial Restrictions: Could Russia's A7 System Offer an Alternative? 12.08.2026, Sputnik Africa
2026-08-12T10:59+0200
2026-08-12T10:59+0200
2026-08-12T10:59+0200
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Africa Faces Financial Restrictions: Could Russia's A7 System Offer an Alternative? The president of the Russian bank PSB, Pyotr Fradkov, discussed the workings of the A7 international payments system and its growing appeal to third-party countries, particularly in Africa, in an interview with a Russian media outlet. According to Fradkov, the bank is actively working with numerous countries across Africa and Asia, while an official A7 office has already been opened in Nigeria, one of Africa's largest economies. He noted that Nigeria's population, currently approaching 250 million, is expected to reach 400 million within the next 15 to 20 years. Against this backdrop, A7 is being positioned as an alternative for cross-border settlements, one of the most restricted areas of the global financial system. The system is already being used by third countries to conduct transactions with one another independently of Russian trade flows, Fradkov noted.
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Africa Faces Financial Restrictions: Could Russia's A7 System Offer an Alternative?
The president of the Russian bank PSB, Pyotr Fradkov, discussed the workings of the A7 international payments system and its growing appeal to third-party countries, particularly in Africa, in an interview with a Russian media outlet.
According to Fradkov, the bank is actively working with numerous countries across Africa and Asia, while an official A7 office has already been opened in Nigeria, one of Africa's largest economies. He noted that Nigeria's population, currently approaching 250 million, is expected to reach 400 million within the next 15 to 20 years.
"It's a huge market that also exists under a regime of restrictions. Many African countries still don't have a central bank. There are only about ten," Fradkov emphasized.
Against this backdrop, A7 is being positioned as an alternative for cross-border settlements, one of the most restricted areas of the global financial system.
The system is already being used by third countries to conduct transactions with one another independently of Russian trade flows, Fradkov noted.
"This is becoming very interesting for other countries as an independent settlement instrument," he stated.
