Africa is making strides toward financial integration with the establishment of a new currency exchange marketplace.

Africa’s financial integration has been significantly advanced by the establishment of the Africa Currency Marketplace by the Pan-African Payment and Settlement System (PAPSS).

The objective of this new platform is to encourage direct currency transactions across the continent, thereby reducing reliance on foreign currencies such as the US dollar and establishing a unified African capital market.

The marketplace aims to enhance intra-African commerce, promote economic development, and fortify the financial independence of African nations by facilitating frictionless cross-border transactions.

The Africa Currency Marketplace is designed to resolve persistent concerns regarding currency convertibility and exchange rate instability throughout the continent.

It is designed to reduce costs, improve efficiency, and expedite transactions for firms and individuals engaged in cross-border commerce by offering a centralized currency trading platform.

This accomplishment is in accordance with the objectives of the African Continental Free Trade Area (AfCFTA), which aims to establish a unified market for products and services throughout Africa, thereby promoting economic integration and expansion.