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Africa push for alternatives to dollar-based payments intensifies
From left: Kenya Commercial Bank (KCB) Group CEO Paul Russo, Ministry of Trade and Industry Cabinet Secretary Lee Kinyanjui and Pan-African Payment and Settlement System (Papss) CEO Mike Ogbalu on stage during the unveiling of the Papss by KCB on February 27, 2025 at the Stanely Hotel.
A push for alternative systems to dollar-based payments has intensified with regional platforms prepping to drive continental trade, amid concerns over time and cost involved in trading using the US currencies
Last week, a payment system backed by the African Export–Import (Afrexim) Bank was rolled out in Nairobi, targeting to connect Kenyan traders with their counterparts across borders, through the Africa Trade Gateway (ATG).
