PAPSS Launches Continent-Wide Currency Marketplace
The Pan-African Payment and Settlement System (PAPSS), in collaboration with the technology firm Interstellar, has introduced the PAPSS African Currency Marketplace (PACM). This next-generation financial infrastructure, revealed during the Afreximbank Annual Meeting (AAM2025) in Abuja, aims to address the long-standing issue of currency convertibility that hinders trade across Africa.
# Streamlining Intra-African Trade
For years, the necessity of using major global currencies like the US dollar or euro for transactions within Africa has impeded intra-African commerce. This costly process is estimated to bleed the continent of $5 billion each year due to associated fees and delays. PACM offers a solution by enabling direct exchange of local currencies between African businesses. This innovative approach not only reduces transaction costs but also unlocks trapped capital, fostering increased trade and maximizing the benefits of the African Continental Free Trade Area (AfCFTA). PACM operates as a transparent marketplace driven by an order book, facilitating real-time, peer-to-peer local currency trading across borders.
By streamlining currency exchange, PACM has the potential to revolutionize intra-African trade, reducing financial burdens and fostering economic growth across the continent. This launch marks a significant step towards a more interconnected and prosperous African economy.
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Related Keywords: PAPSS launch, PanAfrican Payment and Settlement System, Africa payment system, African trade, crossborder payments Africa, PAPSS Africa, African Continental Free Trade Area payments, AfCFTA payments
