The Pan-African Payments and Settlement System (PAPSS) has announced plans to launch a currency market for African currencies this year. This move aims to strengthen cross-border trade across the continent.
The platform will be named “The Africa Currency Marketplace,”. According to Mike Ogbalu, CEO of PAPSS, it will enable traders to exchange currencies directly. It will eliminate the need for third-party intermediary currency like the USD.
“Our system will intelligently match them, and then party A will get Naira in Nigeria, and party B will get birr in Ethiopia. The transaction just completes without any third-party currency being involved at all,” Ogbalu told Reuters.