African businesses lose billions yearly in currency conversion costs
AfCFTA Secretary-General Wamkele Mene said African businesses could save billions of shillings in transaction costs if countries removed barriers to cross-border payments, customs and infrastructure. He estimated currency conversion costs associated with African trade amount to about Sh647.3 billion (US$5 billion) a year, and cited the Pan-African Payment and Settlement System (PAPSS) as one way to reduce reliance on third currencies like the US dollar.
27 September 2026 · The Standard →