The Pan-African Payment and Settlement System (PAPSS), backed by 15 central banks, is piloting the Africa Currency Marketplace, a platform enabling trade settlements in local currencies. Set to launch later this year, it aims to boost intra-African trade by reducing reliance on the U.S. dollar.
PAPSS CEO Mike Ogbalu emphasized that fees will be market-driven, stating, “The rates will be market driven, and our system is able to do a matching based on the rates offered by the different participants in our ecosystem.”
The initiative aligns with calls to de-dollarize, a stance supported by leaders like Kenyan President William Ruto. However, some remain skeptical about its viability and potential U.S. backlash. Ogbalu insists PAPSS can handle direct currency swaps, allowing seamless transactions without third-party currencies.
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