In a major stride toward economic integration, the Pan-African Payment and Settlement System (PAPSS) has officially launched its much-anticipated African Currency Marketplace. The unveiling was held during the Afreximbank Annual Meetings in Abuja, signaling a transformative approach to intra-African trade by minimizing the reliance on strong currencies such as the dollar and euro. In a conversation with the CEO of PAPSS, the system's fundamental aim was elucidated – making payments across African countries seamless to enhance trade. 'There's no trade without payments,' the CEO stated, emphasizing that innovative solutions in payment systems directly bolster commerce across the continent. Over the past few years, PAPSS has built a robust payment infrastructure aligning with global standards. Their approach has been meticulously designed to ensure world-class compliance and risk management practices are adhered to, while maintaining an unwavering focus on African needs. The introduction of the African Currency Marketplace addresses a persistent issue faced by multinational corporations operating within Africa. Often, these companies find themselves with significant holdings in local currencies that are difficult to repatriate or convert efficiently. By utilizing blockchain technology, the marketplace provides a platform where businesses can seamlessly exchange local currencies – such as the Nigerian Naira and Ghanaian Cedi – according to market-driven rates established by platform participants themselves. This marketplace represents a significant leap in providing companies with the flexibility to manage their finances across different African economies. Users can now directly negotiate currency swaps, thereby enhancing liquidity and fostering further trade within the continent. As for adoption, the expansion of the PAPSS network is impressive. Currently, 16 countries, 150 commercial banks, and 14 switches across Africa are part of this groundbreaking network. PAPSS has made substantial progress from initial pilot stages to full continental adoption, paving the way for more inclusion of FinTech entities, pending approval from central banks. One of the notable inclusions is integrating mobile and internet banking solutions, which enable users to conduct transactions via their smartphones or computers, vastly improving accessibility and outreach. Previously limited to physical branch transactions, the PAPSS system is now accessible through various digital channels, underscoring its versatility and modern financial inclusivity drive. A significant development on the horizon is the imminent onboarding of Francophone West and Central African central banks. As shared exclusively with CNBC, their integration is soon to be realized, promising a wider network and potentially more harmonized financial exchanges within the region. Moreover, PAPSS is also reaching beyond the African continent by building connections with the Caribbean Community (CARICOM). A promising pilot between The Bahamas and Barbados was recently affirmed by CARICOM governors, and the move into live transactions is set to occur before the year's end. This expansion marks an opportunity for Caribbean nations to engage in more fluid trade with Africa, fortifying PAPSS as the gateway for broader international integration.