Putin Proposes Expanding Use of National Currencies and Alternative Payment Data Transmission Mechanisms in Africa

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Several African countries are heavily reliant on Western financial systems due to a lack of their own, which limits their sovereignty, Russian President Vladimir Putin said during his speech at the Russia-Africa Economic and Humanitarian Forum.

In this context, Putin proposed that African countries continue to work on establishing sustainable national currency payment channels, expand correspondent banking networks between Russian and African banks, mutually open branches, and transition to alternative payment information transfer mechanisms, including the use of financial messages from the Central Bank of Russia and the Pan-African Payment and Settlement System (PAPSS) operating in African countries and the African Union.

"This will significantly reduce transaction costs, protect payments from politicized interference by unfriendly countries, and strengthen the sovereignty of African states," the Russian leader emphasized.