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PaperclipPerfector  1mo ago (text post)   1181 thread views

Transnational Thursday for June 19, 2025

Transnational Thursday is a thread for people to discuss international news, foreign policy or international relations history. Feel free as well to drop in with coverage of countries you’re interested in, talk about ongoing dynamics like the wars in Israel or Ukraine, or even just whatever you’re reading.

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Yeah, wouldn't the kenyan far rather dollars than shillings?

This system is for transactions, not for savings. Sending money all the way to a European or Asian bank, and converting it to and from US dollars just so that it can cross a single border within Africa, adds a bunch of extra delay and extra fees.

Delay isn't mentioned in the news article, but an FAQ page on PAPSS's website says:

With Instant payment, participants no longer need to convert local currencies into hard currencies which then entailed the funds leaving Africa to be converted before being sent back again to the beneficiary bank—adding days to the transaction time. In addition, compliance, legal and sanctions checks are performed instantly within the system. Near-instant payments process within 120 seconds.

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