• Latest
  • Trending
  • All
  • Politics
  • Economy
  • Security
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Opinion
  • Columns
  • Exposé
  • World
  • Lifestyle
Kenyans Demand Immediate Resignation Of President William Ruto

Kenya Challenges African Nations To Ditch US Dollar, Embrace African Payments System

3 years ago
DRC Agrees To Receive Deportees Under US Migrants Transfer Deal

Migrants Deported By Trump’s Administration Arrive DRC

7 hours ago
50% Of Births In Nigeria Not Registered — UNICEF

9 hours ago
Kenya: Ruto Orders Shooting Of Protesters Attacking Businesses

Kenya Seeks World Bank’s Assistance As Iran’s War Bites Harder

11 hours ago
Mugabe’s Son Pleads Guilty In South Africa’s Gun Pointing Case

Mugabe’s Son Pleads Guilty In South Africa’s Gun Pointing Case

13 hours ago
IMF Raises Concern Over Nigeria’s Growing Debt Burden Under Tinubu

IMF Raises Concern Over Nigeria’s Growing Debt Burden Under Tinubu

16 hours ago
Saturday, April 18, 2026
  • About
  • HT Management
  • Privacy Policy
Heritage Times
No Result
View All Result
Translate |
  • Login
  • Politics
    Cameroon: President Biya Returns Home After 42 Days Absence

    Cameroon: Biya Signs New Law That Restores Vice Presidency

    Ramaphosa Appoints New Ambassador To US After Rasool’s Expulsion 

    Ramaphosa Appoints New Ambassador To US After Rasool’s Expulsion 

    Benin: Opposition Candidate Concedes Defeat To Finance Minister

    Benin: Opposition Candidate Concedes Defeat To Finance Minister

    Benin: Vote Counting Underway As Election Ends

    Benin: Vote Counting Underway As Election Ends

    Djibouti: President Guelleh Wins Record 6th Term With 97.8% Of Vote

    Djibouti: President Guelleh Wins Record 6th Term With 97.8% Of Vote

    Senegal: PM Sonko Says He Prefers Being Head Of Govt, Not Leader Of Parliament

    Senegalese PM Accuses Trump Of Plunging The World Into Chaos

    Kamala Harris Hints On Comeback In US 2028 Election

    Kamala Harris Hints On Comeback In US 2028 Election

    Trump’s New Ambassador Arrives South Africa Amid Frosty Relations

    South Africa Accepts Credentials Of Trump’s Diplomat

    Benin: Presidential Poll Holds Sunday As 49-Year-Old Finance Minister Seeks Mandate

    Benin: Presidential Poll Holds Sunday As 49-Year-Old Finance Minister Seeks Mandate

  • Economy
    Kenya: Ruto Orders Shooting Of Protesters Attacking Businesses

    Kenya Seeks World Bank’s Assistance As Iran’s War Bites Harder

    IMF Raises Concern Over Nigeria’s Growing Debt Burden Under Tinubu

    IMF Raises Concern Over Nigeria’s Growing Debt Burden Under Tinubu

    ‘Africa Is No Longer Potential, It Is Reality’ — Adesina Delivers Stirring Message After Lifetime Honour

    ‘Africa Is No Longer Potential, It Is Reality’ — Adesina Delivers Stirring Message After Lifetime Honour

    Six Nigerian Airlines Form ‘Spring Alliance’ To Tackle Flight Delays, Cancellation

    Nigeria: Airlines Threaten Shutdown Over Soaring Aviation Fuel Costs

    Ghana: Finance Minister Highlights Country’s Economic Rebound At IMF/World Bank Spring Meetings

    Ghana: Finance Minister Highlights Country’s Economic Rebound At IMF/World Bank Spring Meetings

    Nigeria: Ex-President Obasanjo Blames Economic Illiteracy For Africa’s Stalled Development

    Africa Must Take Control Of Its Energy Future – Obasanjo  

    Zimbabwe: Central Bank Introduces New Banknotes To Stabilise Financial System

    Zimbabwe: Central Bank Introduces New Banknotes To Stabilise Financial System

    Afreximbank Approves $10bn Facility To Shield African Trade From Gulf Crisis

    Afreximbank Approves $10bn Facility To Shield African Trade From Gulf Crisis

    HT Exclusive: Mozambique’s Full IMF Loan Repayment: Statement Of Sovereignty And Lesson For Africa

    HT Exclusive: Mozambique’s Full IMF Loan Repayment: Statement Of Sovereignty And Lesson For Africa

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
  • Politics
    Cameroon: President Biya Returns Home After 42 Days Absence

    Cameroon: Biya Signs New Law That Restores Vice Presidency

    Ramaphosa Appoints New Ambassador To US After Rasool’s Expulsion 

    Ramaphosa Appoints New Ambassador To US After Rasool’s Expulsion 

    Benin: Opposition Candidate Concedes Defeat To Finance Minister

    Benin: Opposition Candidate Concedes Defeat To Finance Minister

    Benin: Vote Counting Underway As Election Ends

    Benin: Vote Counting Underway As Election Ends

    Djibouti: President Guelleh Wins Record 6th Term With 97.8% Of Vote

    Djibouti: President Guelleh Wins Record 6th Term With 97.8% Of Vote

    Senegal: PM Sonko Says He Prefers Being Head Of Govt, Not Leader Of Parliament

    Senegalese PM Accuses Trump Of Plunging The World Into Chaos

    Kamala Harris Hints On Comeback In US 2028 Election

    Kamala Harris Hints On Comeback In US 2028 Election

    Trump’s New Ambassador Arrives South Africa Amid Frosty Relations

    South Africa Accepts Credentials Of Trump’s Diplomat

    Benin: Presidential Poll Holds Sunday As 49-Year-Old Finance Minister Seeks Mandate

    Benin: Presidential Poll Holds Sunday As 49-Year-Old Finance Minister Seeks Mandate

  • Economy
    Kenya: Ruto Orders Shooting Of Protesters Attacking Businesses

    Kenya Seeks World Bank’s Assistance As Iran’s War Bites Harder

    IMF Raises Concern Over Nigeria’s Growing Debt Burden Under Tinubu

    IMF Raises Concern Over Nigeria’s Growing Debt Burden Under Tinubu

    ‘Africa Is No Longer Potential, It Is Reality’ — Adesina Delivers Stirring Message After Lifetime Honour

    ‘Africa Is No Longer Potential, It Is Reality’ — Adesina Delivers Stirring Message After Lifetime Honour

    Six Nigerian Airlines Form ‘Spring Alliance’ To Tackle Flight Delays, Cancellation

    Nigeria: Airlines Threaten Shutdown Over Soaring Aviation Fuel Costs

    Ghana: Finance Minister Highlights Country’s Economic Rebound At IMF/World Bank Spring Meetings

    Ghana: Finance Minister Highlights Country’s Economic Rebound At IMF/World Bank Spring Meetings

    Nigeria: Ex-President Obasanjo Blames Economic Illiteracy For Africa’s Stalled Development

    Africa Must Take Control Of Its Energy Future – Obasanjo  

    Zimbabwe: Central Bank Introduces New Banknotes To Stabilise Financial System

    Zimbabwe: Central Bank Introduces New Banknotes To Stabilise Financial System

    Afreximbank Approves $10bn Facility To Shield African Trade From Gulf Crisis

    Afreximbank Approves $10bn Facility To Shield African Trade From Gulf Crisis

    HT Exclusive: Mozambique’s Full IMF Loan Repayment: Statement Of Sovereignty And Lesson For Africa

    HT Exclusive: Mozambique’s Full IMF Loan Repayment: Statement Of Sovereignty And Lesson For Africa

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
No Result
View All Result
First with the News

Kenya Challenges African Nations To Ditch US Dollar, Embrace African Payments System

May 30, 2023
in Economy, Top Stories
0
Kenyans Demand Immediate Resignation Of President William Ruto

President William Ruto of Kenya.

0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

By John Ikani

Kenyan President William Ruto is calling on African leaders to embrace a pan-African payments system as a step toward reducing reliance on the US dollar for intra-continental trade.

Relatedreading

Migrants Deported By Trump’s Administration Arrive DRC

Speaking at a forum on the African Continental Free Trade Area (AfCFTA) on Monday, Ruto urged African central and commercial banks to join the Pan-African Payments and Settlement System (PAPSS), which was launched in January 2022.

Developed by the African Export-Import Bank (Afreximbank) and the AfCFTA Secretariat, PAPSS aims to facilitate trade within Africa by enabling transactions in local currencies.

Ruto highlighted the challenges faced by African traders and local banks, who often rely on correspondent banks in the US and Europe to complete payments between African currencies, resulting in delays and additional charges.

“We are all struggling to make payments for goods and services from one country to another because of differences in currencies. And in the middle of all these, we are all subjected to a dollar environment,” Ruto stated.

He emphasized that a mechanism like PAPSS could alleviate these challenges, allowing traders to focus on their core business while leaving currency-related tasks to Afreximbank.

The current reliance on US dollars has led to a mismatch between demand and supply, causing importers, including oil marketers and manufacturers, to face difficulties.

The shortage of dollars has also put pressure on the Kenyan shilling, resulting in a depreciation of around 12.1% since the beginning of the year.

Ruto emphasized the need for a payment platform that enables settlements in local currencies, both within African countries and for external transactions.

He highlighted the complexities, costs, and unnecessary currency fluctuations associated with the lack of a single payment platform, emphasizing that it leads to confusion and complications in the ecosystem.

Ruto’s call for the adoption of PAPSS comes in the wake of challenges faced by Kenya, such as fuel shortages and economic problems attributed to a dollar shortage.

He acknowledged that a misdiagnosis had occurred, attributing the fuel shortage to economic factors and the lack of dollars rather than a genuine supply problem.

The government had maintained an artificial exchange rate, which hindered the oil marketers’ ability to procure dollars and purchase fuel.

Tags: African Continental Free Trade Area (AfCFTA)African Export-Import Bank (Afreximbank)breakingHeritageheritage timesheritagetimesmediaKenyalatestnewsPan-African Payments and Settlement System (PAPSS)President William Rutothe heritage timesthtthtafricatop stories
ShareTweetSend
Previous Post

Namibia Launches Ambitious Dehorning Campaign To Protect Endangered Rhinos

Next Post

U.S. Contemplates Visa Restrictions In Response To Uganda’s Anti-Gay Law

Related Posts

DRC Agrees To Receive Deportees Under US Migrants Transfer Deal

Migrants Deported By Trump’s Administration Arrive DRC

April 17, 2026
50% Of Births In Nigeria Not Registered — UNICEF

April 17, 2026
Kenya: Ruto Orders Shooting Of Protesters Attacking Businesses

Kenya Seeks World Bank’s Assistance As Iran’s War Bites Harder

April 17, 2026

Mugabe’s Son Pleads Guilty In South Africa’s Gun Pointing Case

IMF Raises Concern Over Nigeria’s Growing Debt Burden Under Tinubu

At Cameroon’s Visit, Pope Slams Foreigners Exploiting Africa

Next Post
US Imposes Visa Restrictions On Sierra Leone Officials Over Election Meddling

U.S. Contemplates Visa Restrictions In Response To Uganda's Anti-Gay Law

Please login to join discussion
  • About
  • HT Management
  • Privacy Policy

© 2025 Heritage Times (HT) Media.

No Result
View All Result
  • Welcome
  • Politics
  • Economy
  • Security
  • Exposé
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Columns
    • Opinion
  • World
  • __________________
  • Make a Donation
  • Photo Speaks
  • Videos
  • You-Report
  • Whistleblower
  • Advertise
  • HT Events
  • HT Management
  • About HT
  • Contact us

© 2025 Heritage Times (HT) Media.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In