The Pan-African Payment and Settlement System (PAPSS), in collaboration with deep-tech firm Interstellar, has unveiled the PAPSS African Currency Marketplace (PACM). This initiative, announced during the 2025 Afreximbank Annual Meeting in Abuja, aims to address Africa’s longstanding challenge of currency inconvertibility, facilitating seamless local currency exchange for intra-African trade.
For decades, Africa’s fragmented financial landscape, comprising 41 currencies and diverse regulatory environments, has hindered economic integration. Businesses often rely on hard currencies like the US dollar or euro for cross-border transactions, leading to significant inefficiencies and costs. The introduction of PACM seeks to eliminate these barriers by enabling direct exchange of African currencies, thereby reducing reliance on external currencies and associated costs.
“The PAPSS African Currency Marketplace is fully transparent, order book-driven, and operates with trusted counterparties under local regulations and global standards,” said Mike Ogbalu III, CEO of PAPSS. He emphasized that PACM creates a continent-wide liquidity pool, serving as a powerful engine for intra-African commerce.
Developed on Interstellar’s enterprise-grade, blockchain-agnostic infrastructure, PACM ensures secure, near-instant settlement while adhering to institutional-grade compliance. The platform allows businesses to trade directly in local currencies, eliminating the need for intermediary currencies and supporting liquidity across the continent.
Ernest Mbenkum, Founder and CEO of Interstellar, highlighted the significance of the marketplace, stating, “This is not just about technology; it is about fulfilling a continental vision. With this marketplace, your local currency is no longer just a medium of exchange; it becomes a vehicle of opportunity.”
During its pilot phase, over 80 African corporates transacted across 12 currency pairs, with all transactions settled in local currencies. Early adopters include ZEP-RE (PTA Reinsurance Company) and Access View Africa, which have lauded the platform as a transformative tool for regional trade.
The launch of PACM marks a significant milestone in Africa’s journey towards financial sovereignty and economic integration. By providing a platform for direct currency exchange, PACM aims to unlock liquidity, release trapped capital, and eliminate excessive foreign exchange costs, thereby enhancing trade efficiency across the continent.
As the platform becomes operational, PAPSS and Interstellar anticipate broader adoption, with more businesses and financial institutions leveraging PACM to facilitate smoother and more cost-effective intra-African transactions.
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