New payment system to save AfCFTA US$5 billion

NEW payment system that allows the use of domestic currencies within the African Free Continental Free Trade Area (AfCFTA) could save the bloc US$5 billion in conversion costs, an official has said.

AfCTA secretary-general Wamkele Mene told the media in Harare last week that the new system is being piloted in Gambia, Ghana, Nigeria, Guinea, Liberia, as well as Sierra Leone, and is being run by African trade finance institution, Afrex