Afreximbank: PAPSS Launches African Currency Marketplace to Speed Up Intra-African Payments

Sunday 29th June 2025

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The Pan-African Payment and Settlement System (PAPSS), Afreximbank's flagship initiative in collaboration with the African Union Commission and the AfCFTA Secretariat, has achieved a significant milestone with the official launch of the African Currency Marketplace, a one-of-a-kind platform designed to streamline cross-border payments in local currencies across Africa.

The African Currency Marketplace is a new feature that aims to eliminate reliance on strong currencies (such as the dollar or euro) in trade between African countries. The principle is to allow a transaction to begin in one currency and end in another without being converted into a foreign currency. "No hard currency is involved," said Mike Ogbalu, CEO of PAPSS, on the sidelines of the official opening of Afreximbank's 2025 Annual Meetings in Abuja.

The system operates in real-time, 24 hours a day, seven days a week, with transactions completed in minutes, thanks to an integrated network comprising 16 central banks, over 150 commercial banks, and 14 national switches.

Tinubu Signs Nigeria’s Tax Reform Bills into Law

On Thursday, President Bola Tinubu signed into law four bills that comprehensively reform Nigeria's tax system.

The four bills signed into law are the Nigeria Tax Bill, the Nigerian Tax Administration Bill, the National Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

According to PREMIUM TIMES, the bills seek to reform not only tax collection agencies but also issues such as who is eligible to pay taxes and the sharing of tax revenue.

Following the signing, Zachaeus Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), and Taiwo Oyedele, Chairman of the Presidential Committee on Tax and Fiscal Reforms, addressed the media. Part of the reforms include renaming the FIRS the National Revenue Service, which will have a broader scope of revenue collection beyond taxation.

Qatar’s Biggest Dairy Maker Baladna Seeks Market Expansion in Nigeria

Baladna, Qatar's largest locally owned dairy producer, plans to establish a multi-million-dollar food and dairy factory in Ogun State as part of its market expansion strategy.

Baladna, an agricultural company that raises livestock and manufactures dairy products, provides 95% of Qatar's fresh dairy products.

Dapo Abiodun, Governor of Ogun State, revealed on his X account that Aidan Thomas Iynan, Head of Products and Solutions Architecture at Baladna, was accompanied by the executive secretary of the Nigeria Investment Promotion Commission (NIPC), Aisha Rimi, on a courtesy visit to the Governor on Wednesday.

This new investment follows a series of expansion plans by multinational corporations, as the government's broad policies are attracting investments to ease the currency crisis and ensure price stability.

Nigeria's rapidly growing population makes it the largest consumer market in Africa, positioning it as a top investment destination for foreign investors.

Afreximbank disbursed $250 billion Across Africa – Oramah

The African Export-Import Bank (Afreximbank) has disbursed more than $250 billion to support development across Africa over the last three decades, the bank’s president, Benedict Oramah, said on Wednesday at the opening of the bank’s 32nd Annual Meetings in Abuja.

Mr Oramah said the bank achieved this despite doubts and global economic uncertainty, positioning itself at the centre of Africa’s development efforts.

He stated;

“With the backing of the Nigerian Government and the collective efforts of all our stakeholders, we have positioned the Bank at the forefront of Africa’s socio-economic battle and rallied the support of political leaders and policymakers behind it.”

Speaking on the bank’s evolution since its founding in 1993, Mr Oramah said:

“Over the past 32 years, we have mobilised over $250 billion into Africa, empowered industries long neglected by conventional financiers, and served as a lifeline during crises – from the COVID-19 pandemic to commodity shocks and broken supply chains.

“The story of Afreximbank is one of defiance against doubt, of institution-building in the face of resistance, and of steadfast belief in Africa’s potential. The last 10 years of leading Afreximbank have exposed me to Africa’s development challenges.”

Dangote Plans Stock Listing for His Refinery by 2026

Aliko Dangote, Africa's richest man, has announced plans to list his Nigerian crude oil refinery on the stock exchange by the end of 2026, aiming to broaden the company's investor base and address allegations of monopoly activity.

Speaking at the African Export-Import Bank's annual general meeting in Nigeria's capital on Friday, the billionaire also announced plans to list his company's urea plant this year, which produces 2.8 million tonnes of the crop nutrient each year.

A stock listing via an initial public offering could entice investors, including state-owned pension funds, to the $20 billion facility.

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Thank you for reading! Stay tuned next week to be updated with the latest major events from the Nigerian commercial sector.