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Originally published by The Standard Business
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September 27, 2026
2h ago

Why African businesses are losing billions in currency costs

Why African businesses are losing billions in currency costs

African businesses face currency conversion costs of about US$5 billion a year, highlighting the need for easier cross-border payments, aligned policies and efficient customs under AfCFTA...

✨ Key Highlights

African businesses are losing an estimated Sh647.3 billion (US$5 billion) annually in currency costs due to barriers in cross-border payments and customs, according to AfCFTA Secretary-General Wamkele Mene.

  • Businesses trading within Africa often rely on third currencies, adding significant costs to transactions.
  • Wamkele Mene, Secretary-General of the AfCFTA, highlighted the need for policy alignment, modernized customs, and expanded cross-border payments in local currencies.
  • The Pan-African Payment and Settlement System (PAPSS) is presented as a solution to reduce reliance on third currencies and facilitate easier transactions in local currencies.

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