The Stakeholders in Blockchain Technology Association of Nigeria on Tuesday called on policymakers to support the use of blockchain technology in enabling local currency trade across Africa.
The association argued that it could play a transformative role in breaking down cross-border payment barriers and promoting regional economic integration.
The appeal follows the recent launch of the Pan-African Payment and Settlement System African Currency Marketplace, developed in partnership with Nigerian deep-tech firm Interstellar.
The marketplace enables real-time, peer-to-peer exchange of African currencies using blockchain infrastructure, a move SiBAN says will significantly reduce reliance on foreign currencies for trade and tackle the long-standing challenge of currency inconvertibility across the continent.
“Interstellar’s innovative approach exemplifies the transformative potential of blockchain technology.
Their work with PAPSS showcases how Nigerian blockchain expertise can address real-world challenges, positioning Africa as a global leader in financial innovation,” the president of SiBAN, Obinna Iwuno, said in a statement.
At the heart of the new platform is Interstellar’s blockchain-agnostic STARGATE system, which powers PACM and enables secure, transparent, and compliant transactions between African businesses, SMEs, and informal traders in their local currencies.
The system is designed to address a $5bn annual trade bottleneck linked to the difficulty of exchanging African currencies directly.
Built on the Bantu blockchain network, the PACM aligns with the objectives of the African Continental Free Trade Area and Nigeria’s digital economy strategy. It allows users in 19 African countries to engage in cross-border trade while remaining compliant with local financial regulations.
SiBAN, which serves as Nigeria’s self-regulatory body for blockchain adoption, said the launch demonstrates how African-led innovation can support the continent’s broader economic goals.
The group now wants the Nigerian government to create a more enabling policy environment to accelerate blockchain adoption across sectors beyond cryptocurrency.
“Blockchain is not just a technology; it is a catalyst for Africa’s economic renaissance,” Chief Executive Officer of Interstellar, Ernest Mbenkum, said.
“As a SiBAN member, we are honoured to contribute to this vision, and we look forward to continued collaboration to unlock the full potential of blockchain for Nigeria and beyond.”
SiBAN noted that its members are already deploying blockchain use cases in finance, supply chain management, and digital identity, and it stressed the importance of local innovation in shaping Africa’s digital infrastructure.
“Now is the time to position Nigeria as a leader in blockchain-powered trade across Africa,” Iwuno added, urging policymakers to strike a balance between innovation and consumer protection.
The PACM initiative is backed by PAPSS, a centralised payment and settlement infrastructure established by the African Export-Import Bank to facilitate intra-African trade in local currencies. With Interstellar’s contribution, the platform reflects a growing shift towards African-led solutions for financial independence and regional trade efficiency.
SiBAN reiterated its commitment to supporting innovators and working with institutions to advance blockchain adoption, calling on government agencies, businesses, and stakeholders to recognise blockchain’s role in driving financial inclusion and sustainable development.
