Focus Keyphrase: History of AfCFTA Digital Currency
📝 Intro
The history of AfCFTA’s digital currency begins with a bold dream: one Africa, one market, one currency platform. While still in planning stages, AfCFTA’s digital ambitions could reshape intra-African trade forever.
🌍 What Is AfCFTA?
The African Continental Free Trade Area (AfCFTA) is:
- The world’s largest free trade zone by number of countries
- Aims to eliminate tariffs and unify markets
- Envisions a Pan-African payment system
💱 Introducing PAPSS
The Pan-African Payment and Settlement System (PAPSS) was launched to:
- Settle payments in local currencies
- Avoid dependency on USD/EUR
- Lower transaction costs and time
This system is the foundation for a future digital currency.
🔮 Digital Currency Plans
No “Afro” currency yet, but:
- Digital payment platforms are live
- Talks on regional CBDCs or a common settlement token are ongoing
- Afreximbank is leading the charge
💡 Did You Know?
PAPSS is already operational in West Africa, allowing instant currency settlement across borders.
❓ FAQs
Q1: Is there an African digital currency?
A: Not yet — but PAPSS is a step toward that vision.
Q2: Will countries give up their own currencies?
A: No. The digital currency would coexist, not replace local currencies.