Kenya wins bid to lead Africa push to cut dollar dominance
Wednesday November 08 2023
Kenya has won the bid to host an electronic platform which will enable traders on the continent to settle deals in respective national currencies. PHOTO | SHUTTERSTOCK
Kenya has won the bid to host an electronic platform which will enable traders on the continent to settle deals in respective national currencies, placing it in the front line of a push by African countries to reduce reliance on the US dollar.
President William Ruto announced on Tuesday that the Pan-African Payment and Settlement System (Papss) will be domiciled in Kenya.
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