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Africa's new online foreign exchange system will enable cross-border payments in local currencies – what you need to know

By Christopher Adam, Professor of Development Economics, University of Oxford

The high cost of making cross border payments on the African continent has driven governments on the continent to seek options of settling trade and other transactions in local currencies. This has given birth to the Pan-African Payment and Settlement System which is scheduled to go live in 2024 under Kenya’s leadership.…

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