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Kenya targets hosting Africa payment platform in push against US dollar
Central Bank of Kenya Governor Dr Kamau Thugge (centre), Equity Group Managing Director and CEO Dr James Mwangi and Equity Group Chief Economist Yvonne Mhango during Equity Bank official opening of 2023 Kenya-DRC Investors’ roadshow at the bank's Upper Hill headquarters in Nairobi on July 17, 2023. PHOTO | LUCY WANJIRU | NMG
Kenya has announced plans to vie for hosting rights for a common clearing house to pay and settle cross-border trade deals in an ambitious push aimed at cutting reliance on US dollars to close intra-Africa deals.
Central Bank of Kenya Governor Kamau Thugge said on Monday, Nairobi will “express our interest in hosting” the pan-African payment and settlement system (Papss), which aims at facilitating intra-African payments in national currencies.
