Taking inspiration from the BRICS alliance, Africa has launched a new marketplace to facilitate the seamless exchange of African currencies. The Pan-African Payment and Settlement System (PAPSS) partnered with Interstellar, a leading African fintech company to enable the transactions. The African Currency Marketplace (PACM) is now being helmed under the PAPSS payment system.

Similar to the idea of the BRICS Pay, Africa’s new currency marketplace powered by PAPSS will eliminate excessive exchange costs. The move is to boost intra-African trade which faced a bottleneck of losses close to $5 billion without the existence of a currency marketplace.

It would make transactions cheaper saving the Continent billions of dollars in a year. The US dollar has no role in the new currency marketplace and supports Africa’s financial sovereignty. The latest development is also seen as a direct challenge from Africa after BRICS strategically targeted the US dollar.

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Similar to BRICS Pay, Africa Confronts the US Dollar By Launching a New Currency Marketplace

BRICS is inspiring the majority of countries in Africa to remain financially independent and settle payments in their own currencies. This will make them self-reliant and not depend on the US and Western-backed financial systems like SWIFT, among others. “This is not just about technology, it is about fulfilling a continental vision,” said Ernest Mbenkum, CEO of Interstellar.

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“African currencies deserve a better place in the world,” said Ernest. He highlighted that Africa’s financial services will be met similarly to BRICS Pay. “With this marketplace, your local currency is no longer just a medium of exchange, it becomes a vehicle of opportunity. PAPSS African Currency Marketplace was built from the ground up to serve Africa’s specific needs. Interstellar and PAPSS are not just collaborators, we are co-architects of a new financial future, aligned in purpose and committed to transformation.”