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The federal government has unveiled plans for a pan-African payment card that will allow direct transactions between African currenciesFinance Minister Taiwo Oyedele said the initiative, developed with support from MastercardThe government also urged Mastercard to expand consumer credit access in Nigeria
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The federal government has announced plans to develop a continent-wide payment card which would enable direct transfers between currencies of African countries, eliminating the need for intermediary currencies like the US dollar.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the plan when he met with a Mastercard delegation in Abuja on Tuesday, June 23.
Taiwo Oyedele seeks a new payment system that could reduce Africa’s reliance on the US dollar Photo: PresidencySource: Facebook
FG advocates for new payment system
According to Oyedele, Africa has
