President William Ruto has offered to host the Pan-African Payments Settlement System “PAPPS”. Headquarters in Nairobi. With the support of African Heads of State, President William Ruto, in his address to the African Continental Free Trade Area (ACFTA) conference at Strathmore University today, Tuesday, November 7, said Kenya has agreed to host the event, particularly in view of the Positioning Kenya sees itself as a supporter of the integration of a continental free trade area.

PAPPS is a cross-border financial market infrastructure that facilitates payments in Africa. The aim is to promote trade in local currencies, reduce dependence on the dollar and minimize exchange rate costs. African presidents have proposed introducing the system by February 2024.

The integrated system was launched by the African Union (AU) and the African Export-Import Bank (Afreximbank); However, since its introduction, it has not been adopted by most African countries.

The system, introduced in January 2022, will not replace existing systems, but will integrate them into a system that enables cross-border trade.  President William Ruto complained that Africa had lost 5 billion shillings due to trading in various currencies.