A payments and settlement system backed by 15 central banks is piloting an African money market that aims to allow countries to settle trade in local

On March 15th, according to News.bitcoin, the Pan-African Payment and Settlement System (PAPSS), supported by 15 central banks, is piloting a currency platform to enable countries to settle trade using their local currencies. Reuters reported that the platform, called the African Currency Market, is planned to be launched later this year. The introduction of the African Currency Platform is expected to help promote intra-African trade.

The pilot and launch of the African Currency Platform come at a time when some African countries are moving away from using the US dollar. They believe that using the often scarce US dollar for transactions hinders trade. Kenyan President William Ruto, who has repeatedly called for African countries to de-dollarize by 2023, stated that the launch of PAPSS eliminates the need for the US dollar in settling transactions.