Nigeria is advocating for a cross-border payment system that eliminates the need for third-party currencies, according to Techpoint Africa. The discussion includes the recent approval of Yellow Card in Switzerland and Daya's successful fundraising of $2.4 million aimed at developing stablecoin payment infrastructure.

The Federal Government of Nigeria has announced a proposal for a pan-African payment card aimed at facilitating direct transactions between African currencies. This initiative seeks to reduce reliance on foreign currencies like the U.S. dollar, thereby lowering transaction costs and enhancing intra-African trade.

The Federal Government has proposed the creation of a cross-border payment card aimed at facilitating transactions between African currencies directly, without the need for conversion through the U.S. dollar or other third-party currencies. This initiative seeks to enhance financial integration within the continent.

Stablecoins in emerging markets have evolved from being a speculative financial novelty to a significant driver of macroeconomic change, impacting international capital movement across fragmented economies. This transformation is part of a broader structural shift in the global financial system, influenced by digital innovation and the rise of asset-backed tokens, according to Sharp Daily.

The East African Community's plan to introduce a common currency by 2031 faces significant obstacles, according to The Observer. While a single currency could reduce exchange-rate uncertainty, cut conversion costs, and boost cross-border trade, member states must first meet agreed economic convergence criteria. The article notes that Africa currently has only two functioning monetary unions—the CFA Franc zone in West and Central Africa and the Common Monetary Area—highlighting the difficulty of achieving such integration.

The South African Reserve Bank has said its approach to stablecoins remains undecided, telling TechCentral that it is still engaging on crypto assets, including stablecoins. The comments come as an industry campaign builds around the issue, according to the publication. The central bank has not yet settled on a final position regarding how stablecoins should be treated, indicating that discussions with stakeholders are ongoing as interest in the digital asset sector grows.