Kindiki urges Africa to strengthen Pan-African payment system

Deputy President Kithure Kindiki representing President William Ruto at the 4th Intra-African Trade Fair (IATF 2025) in Algiers. [PCS]

Deputy President Kithure Kindiki has called on African countries to strengthen the Pan-African Payment and Settlement System (PAPSS), to boost trade and reduce reliance on the US dollar.

PAPSS, developed by the African Export-Import Bank, is a centralised financial infrastructure that enables real-time settlement of cross-border transactions in local currencies.

Speaking at the Intra-African Trade Fair (IATF) in Algiers, Algeria, the DP the continent must unite to fight poverty and insecurity through trade and infrastructure development.

"We must perfect the Pan African payment system so that we can have real-time settlements using local currencies, as verifiable and seamless as possible," he said.

He described the 21st century as Africa's time to rise.

"This is Africa's century because the two aspirations we have always struggled to achieve will be realized: to liberate the African citizen from fear, and to empower them to live free from want and poverty."

Kindiki also urged governments to prioritise inclusivity, saying; "For Africa to achieve prosperity, it must be inclusive across generations, gender, and regions. Women and young people must be deliberately included in our growth story."

The meeting, attended by African Heads of State further resolved that Nigeria will host the next IATF in 2027