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Despite warning from Trump, Africa pioneers non-dollar payments systems
Trading in the continent's own currencies, bypassing the dolloar, might save Africa $5 billion a year.
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By Duncan Miriri
Reuters
Friday, June 20, 2025
NAIROBI, Kenya -- Africa's push for local currency payments systems -- once little more than an aspiration -- is finally making concrete gains, bringing the promise of less costly trade to a continent long hobbled by resource-sapping dollar transactions.
But efforts to move away from the dollar face strong opposition and the threat of retaliation from U.S. President Donald Trump, who is determined to preserve it as the dominant currency for global trade.
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The move by Africa to create payments systems that do not rely on the greenback mirrors a push by China to develop financial systems independent of Western institutions. Countries like Russia, which face economic sanctions, are also keen for an alternative to the dollar.
But while that movement has gained a sense of urgency due to shifting trade patterns and geopolitical realignments following President Trump's return to the White House, African advocates for payment alternatives are making their case based on costs.
"Our goal, contrary to what people might think, is not de-dollarisation," said Mike Ogbalu, chief executive of the Pan-African Payments and Settlements System, which allows parties to transact directly in local currencies, bypassing the dollar. ...
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