Reported about 9 hours ago
The Pan-African Payments and Settlement System (PAPSS) is set to introduce a currency market platform aimed at enhancing cross-border trade in Africa. With the backing of 15 central banks and integration with 150 commercial banks, the platform will enable direct currency exchanges among local currencies. This development aims to address challenges such as limited liquidity and currency repatriation issues faced by businesses in the region. CEO Mike Ogbalu highlights that the platform will facilitate transactions without relying on third-party currencies, marking a significant step towards a more market-driven approach to African foreign exchange.
Source: YAHOO