Through a strategic partnership with the Pan-African Payment and Settlement System (PAPSS), Interstellar has unveiled the PAPSS African Currency Marketplace (PACM), a revolutionary platform poised to eliminate a long-standing $5 billion bottleneck caused by currency inconvertibility across African nations.

For SiBAN, this milestone is more than a technical achievement, it’s a powerful reflection of the innovation and leadership emerging from Nigeria’s blockchain ecosystem.

Interstellar: Driving Africa’s Financial Future with Blockchain

At the core of PACM is STARGATE, a blockchain-agnostic infrastructure developed by Interstellar, designed to enable real-time peer-to-peer exchange of local African currencies. Built with permissioned blockchain technology, STARGATE is not only secure and scalable, it’s a game-changer for businesses, SMEs, and informal traders seeking to trade affordably and seamlessly across borders.

“This innovation by Interstellar goes to the heart of what SiBAN stands for, leveraging blockchain to solve real-world problems,” said Obinna Iwuno, President of SiBAN. “Their partnership with PAPSS and the creation of PACM is a bold demonstration of how Nigerian ingenuity is shaping global conversations on financial technology and inclusion.”

Why PACM Matters

Africa’s fragmented currency systems have long posed a challenge to seamless trade within the continent.

The PACM solves this by enabling direct local currency exchanges between 19 African countries, aligned with local financial regulations, and built on Interstellar’s Bantu blockchain network.

This not only slashes transaction costs but advances the goals of the African Continental Free Trade Area (AfCFTA).

By doing so, Interstellar is helping unlock a more connected and self-reliant Africa, one transaction at a time.

Blockchain as a Catalyst for Africa’s Economic Renaissance

The promise of blockchain lies in its power to decentralize, democratize, and digitize economies. Across sectors, from finance to governance, its applications are already disrupting inefficiencies and driving inclusion.

SiBAN’s members, including Interstellar, are using blockchain to power cross-border payments, supply chain visibility, digital identity, and more, creating tools for sustainable development.

“Blockchain is not just code, it’s change,” said Ernest Mbenkum, CEO of Interstellar. “Being part of SiBAN’s ecosystem gives us the strength to scale our innovations and contribute meaningfully to Africa’s economic revival.”

SiBAN’s Role in Building Nigeria’s Blockchain Backbone

As the foremost blockchain advocacy body in Nigeria, SiBAN continues to support startups and innovators through policy advocacy, ecosystem development, and education.

With members like Interstellar leading on the continental front, SiBAN’s impact is increasingly being felt across Africa.

Their goal? To make Nigeria a global blockchain powerhouse through innovation, regulation, and collaboration.

A Call to Visionary Action

SiBAN calls on government agencies, private sector players, and tech innovators to recognize blockchain as a strategic tool for national and continental progress. With the right policies and partnerships, Nigeria can not only lead in Africa but also shape global trends in blockchain adoption.

The announcement was made on the sidelines of the Afreximbank Annual Meeting held in Abuja. PACM is designed to directly confront Arica’s longstanding currency challenges, allowing local currencies to be exchanged without routing through hard currencies like the dollar or euro.

Highlighting the impact of this problem on business operations, Mike Ogbalu, CEO of PAPSS said:

“Corporations, airlines, reinsurance firms, and multinationals operating across Africa still faced a persistent hurdle: trapped capital, arising from limited currency convertibility and overreliance on hard currencies.”

Ogbalu explained that over $2 billion remains ‘trapped’ in several African countries where airlines are unable to repatriate their revenues due to exchange restrictions or depreciation of local currencies.

“The PAPSS African Currency Marketplace is the answer to that problem — an extension of our commitment to building sovereign, frictionless financial infrastructure for Africa,” he added.

Jointly developed by PAPSS and Interstellar, PACM is a peer-to-peer, continent-wide platform that enables the direct exchange of African currencies in near real-time.

It is fully compliant with national regulations and is built to improve liquidity, unlock trapped funds and reduce foreign exchange costs.

Ernest Mbenkum, founder and CEO of Interstellar emphasized that the solution is built to specifically cater to African needs, making the local currency not just a medium of exchange, but a vehicle of opportunity.

Africa’s fragmented financial ecosystem, comprising 41 currencies and varied regulatory frameworks, has long stifled intra-African trade.

Businesses are often forced to convert through external currencies, losing billions annually to fees, delays, and opportunity costs.

This inefficiency has held back progress under initiatives like the African Continental Free Trade Area (AfCFTA).

PACM is expected to accelerate financial integration across the continent, promote the use of local currencies, and strengthen Africa’s journey towards economic independence.