PANews reported on March 15 that according to News.bitcoin, the Pan-African Payment and Settlement System (PAPSS), supported by 15 central banks, is piloting a currency platform so that countries can use local currencies to settle trade. According to Reuters, the platform is called the African Currency Market and is scheduled to be launched later this year. The planned launch of the African Currency Platform is expected to help promote intra-African trade.

The pilot and planned launch of the African Currency Platform coincides with a push by some African countries to de-dollarize. They believe that using the U.S. dollar, which is often in short supply, for transactions will hinder trade. In 2023, Kenyan President William Ruto, who has repeatedly called on African countries to de-dollarize, said the launch of PAPSS eliminated the need for dollars when settling transactions.