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The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has called on Nigerian policymakers to adopt supportive frameworks that will enable the use of blockchain technology to enhance local currency trade across Africa.
SiBAN made this call following the launch of the Pan-African Payment and Settlement System (PAPSS) African Currency Marketplace (PACM)—a groundbreaking initiative developed in collaboration with Nigerian deep-tech company Interstellar. The platform leverages blockchain infrastructure to facilitate real-time, peer-to-peer exchange of African currencies, aiming to reduce the continent’s overdependence on foreign exchange and address longstanding issues around currency inconvertibility.
According to SiBAN President, Obinna Iwuno, the innovation illustrates blockchain’s transformative power in solving real-world challenges:
“Interstellar’s partnership with PAPSS is a strong example of how Nigerian blockchain talent can drive regional solutions. It positions Africa as a pioneer in financial innovation powered by blockchain.”
At the core of the platform is STARGATE, Interstellar’s blockchain-agnostic protocol that enables secure, transparent, and compliant cross-border transactions among African SMEs and informal traders using their local currencies. The system is built on the Bantu Blockchain Network and is designed to tackle an estimated $5 billion annual trade bottleneck caused by currency exchange hurdles.
PACM currently supports users in 19 African countries and aligns with key regional initiatives including the African Continental Free Trade Area (AfCFTA) and Nigeria’s digital economy strategy.
SiBAN, which functions as Nigeria’s self-regulatory blockchain association, said the project highlights how African-led solutions can play a critical role in achieving economic integration, financial independence, and digital transformation across the continent.
“Blockchain is not just about cryptocurrency—it’s a foundation for Africa’s economic renaissance,” said Ernest Mbenkum, CEO of Interstellar.
“We are proud to contribute to this vision and look forward to collaborating further to unlock the continent’s full potential.”
The association emphasized that its members are already deploying blockchain in various sectors, including finance, supply chain logistics, and digital identity, but warned that policy inertia could stall wider adoption.
“This is a pivotal moment,” Iwuno added. “Nigeria must seize the opportunity to lead blockchain-powered trade in Africa. We urge the government to adopt policies that support innovation while ensuring consumer protection.”
The PACM initiative is backed by PAPSS, a centralized payment and settlement system established by the African Export-Import Bank (Afreximbank) to facilitate intra-African trade in local currencies. With Interstellar’s blockchain integration, PACM offers a scalable and compliant infrastructure for accelerating regional trade efficiency and financial inclusion.
SiBAN reaffirmed its commitment to working alongside public and private sector stakeholders to shape an enabling environment for blockchain growth, stressing that the technology is central to building a resilient and inclusive African digital economy.
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