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BRICS Inspires 15 African Nations to Adopt Homegrown Payment System
By Watcher.Guru | June 2025
Africa is now taking a decisive step toward de-dollarization, inspired by the BRICS bloc. A group of 15 African countries has turned to the Pan-African Payments and Settlements System (PAPSS)—a homegrown payment network that allows trade settlements in local currencies, bypassing the US dollar entirely.
Key Highlights:
▪️ 15 African nations, including Kenya, Malawi, Tunisia, and Zambia, are using PAPSS to settle trade.
▪️ 150+ commercial banks are now connected to PAPSS.
▪️ The system can cut foreign exchange costs from 10–30% down to just 1%.
▪️ PAPSS leverages regional currencies like the Nigerian naira, Ghanaian cedi, and South African rand.
▪️ Estimated $5 billion in savings in FX costs if scaled across Africa.
PAPSS: Africa’s Answer to the US Dollar
PAPSS—created to enable real-time gross settlement of cross-border transactions—is becoming the financial backbone of intra-African trade. It reduces reliance on USD, which traditionally dominated African trade deals due to lack of direct currency convertibility.
With BRICS as its model, PAPSS aims to shift African economies toward currency sovereignty. It eliminates the need for costly third-party currencies and reinvests saved foreign exchange into local development.
“A trade worth $200 million in USD could cost up to 30% in FX fees. PAPSS drops that to just 1%.”
A Growing Threat to USD Dominance
The Pan-African system mirrors the BRICS vision: creating a multipolar financial world with decentralized currency power. In fact, BRICS itself is exploring a similar platform, aligning closely with PAPSS to reduce reliance on Western-led financial systems.
As more countries across Africa adopt PAPSS, the pressure on the U.S. dollar’s international dominance will only increase. Combined with BRICS initiatives, the global financial structure is pivoting toward regional cooperation and currency independence.
The Big Picture:
Africa’s use of PAPSS is a quiet revolution that could become one of the most significant economic stories of the decade. By bypassing the dollar, reducing transaction costs, and increasing autonomy, Africa is joining a global movement toward local currency empowerment—one spearheaded by BRICS and now embraced continent-wide.
The future of trade may not revolve around the dollar, but around locally-led, digitally connected networks like PAPSS.
@ Newshounds News™
Source: Watcher Guru
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