A payment and settlement system supported by 15 central banks is piloting the African currency market, aiming to enable countries to settle trade in local currency

According to News.bitcoin, the Pan African Payment and Settlement System (PAPSS) supported by 15 central banks is piloting a currency platform so that countries can settle trade using local currency. According to Reuters, the platform is known as the African Money Market and is planned to be launched later this year. The planned launch of the African currency platform is expected to help promote intra African trade. The pilot and planned launch of the African currency platform coincides with some African countries promoting de dollarization. They believe that using US dollars, which are usually in short supply, for transactions will hinder trade. In 2023, Kenyan President William Ruto, who had repeatedly called for African countries to de dollarize, stated that the introduction of PAPSS eliminated the need for dollars in settlement transactions.