https://en.sputniknews.africa/20261029/russian-payment-system-a7-offers-african-countries-infrastructure-for-intl-trade-bank-offcial-1090453852.html
Russian Payment System A7 Offers African Countries Infrastructure for Int'l Trade: Bank Offcial
Russian Payment System A7 Offers African Countries Infrastructure for Int'l Trade: Bank Offcial
Sputnik Africa
The A7 payment system is offering African countries the use of its payment infrastructure to settle transactions with Russia, China, India and other trading... 29.10.2026, Sputnik Africa
2026-10-29T20:16+0100
2026-10-29T20:16+0100
2026-10-29T20:24+0100
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The A7 payment system is offering African countries the use of its payment infrastructure to settle transactions with Russia, China, India and other trading partners. This was announced by Mikhail Dorofeyev, Deputy Chairman of the Board of PSB Bank, during the session “Russia-Africa Economic Cooperation: A Path to Equal Partnership” at the Russia-Africa Economic and Humanitarian Forum in Moscow.According to him, A7’s operations have already expanded beyond facilitating payments between Russia and its foreign counterparties, with the company’s global transaction volume exceeding $20 billion per month.The use of national currencies was also addressed by Russian Economic Development Minister Maxim Reshetnikov, who said that payments in national currencies account for 93% of mutual trade between Russia and African countries.Dorofeyev placed particular emphasis on the distinction between political and financial sovereignty. Developing cooperation with African countries and other nations of the Global South requires not only political agreements but also independent financial infrastructure that ensures the resilience of international trade and allows countries to choose their partners and settlement mechanisms independently.Dorofeyev also spoke about meetings held ahead of the forum with the leaders of several African countries, including meetings involving Rossotrudnichestvo and the autonomous nonprofit organization Eurasia. Among other things, African partners were introduced to A7’s payment infrastructure and its capabilities for cross-border payments.BackgroundA7 is a Russian international payment system established in 2024 by PSB Bank. The company helps businesses pay for foreign supplies and receive export revenue. A7’s customer base exceeds 15,000 participants in foreign economic activity, and the system processes more than 2,000 transactions daily. Its payment infrastructure covers more than 100 countries.The Russia-Africa Economic and Humanitarian Forum is taking place in Moscow on October 28–29, 2026, as part of the Third Russia-Africa Summit.
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The A7 payment system is offering African countries the use of its payment infrastructure to settle transactions with Russia, China, India and other trading partners. This was announced by Mikhail Dorofeyev, Deputy Chairman of the Board of PSB Bank, during the session “Russia-Africa Economic Cooperation: A Path to Equal Partnership” at the Russia-Africa Economic and Humanitarian Forum in Moscow.
“We take a broader view of cooperation: what can we offer African countries, and what benefits will they gain from our activities? We are offering our African colleagues our payment mechanisms and infrastructure and are ready to share our experience. This includes settlements with Russia, as well as with China, India and other major global production centers connected to Africa’s exports and imports,” Dorofeyev said.
According to him, A7’s operations have already expanded beyond facilitating payments between Russia and its foreign counterparties, with the company’s global transaction volume exceeding $20 billion per month.
The use of national currencies was also addressed by Russian Economic Development Minister Maxim Reshetnikov, who said that payments in national currencies account for 93% of mutual trade between Russia and African countries.
Dorofeyev placed particular emphasis on the distinction between political and financial sovereignty. Developing cooperation with African countries and other nations of the Global South requires not only political agreements but also independent financial infrastructure that ensures the resilience of international trade and allows countries to choose their partners and settlement mechanisms independently.
“Political sovereignty and financial and economic sovereignty are two different things. Over the past half-century, most African countries have not managed to achieve full financial sovereignty. Russia has experienced firsthand what it means to depend on external decisions when familiar channels of interbank interaction became inaccessible. Nevertheless, we managed to establish new international settlement mechanisms in a short period of time,” the PSB Bank deputy chairman said.
Dorofeyev also spoke about meetings held ahead of the forum with the leaders of several African countries, including meetings involving Rossotrudnichestvo and the autonomous nonprofit organization Eurasia. Among other things, African partners were introduced to A7’s payment infrastructure and its capabilities for cross-border payments.
A7 is a Russian international payment system established in 2024 by PSB Bank. The company helps businesses pay for foreign supplies and receive export revenue. A7’s customer base exceeds 15,000 participants in foreign economic activity, and the system processes more than 2,000 transactions daily. Its payment infrastructure covers more than 100 countries.
The Russia-Africa Economic and Humanitarian Forum is taking place in Moscow on October 28–29, 2026, as part of the Third Russia-Africa Summit.
