Africa's COMESA Launches Payment Platform to Reduce Dependence on US Dollar | Firstpost Africa

African nations have found a way to trade in local currencies, which would reduce their dependency on the US dollar. The Common Market for Eastern and Southern Africa (COMESA) bloc has launched a digital payments system. The platform would allow the member nations of the economic group to settle cross-border payments in local currencies, eliminating the need to convert them into American dollars.  The group said that the new platform, called the Digital Retail Payments Platform, is starting trials between Malawi and Zambia. Kenya's trade minister took to social media to hail the platform as a "game-changer", adding that the initiative seeks to assist medium, small and micro enterprises and reduce the cost of transactions.

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