The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has applauded Interstellar, a Nigerian deep-tech company, for deploying blockchain technology to address currency inconvertibility and expand financial access across Africa.
Interstellar recently partnered with the Pan-African Payment and Settlement System (PAPSS) to launch the PAPSS African Currency Marketplace (PACM), a platform designed to facilitate real-time, peer-to-peer exchange of African currencies. The solution targets a $5 billion annual trade bottleneck resulting from the difficulty of converting local currencies across the continent.
At the centre of the innovation is STARGATE, Interstellar’s blockchain-agnostic infrastructure that powers PACM. Built on permissioned blockchain technology, the platform enables businesses, SMEs, and informal traders to settle cross-border payments using local currencies, thereby reducing transaction costs, enhancing efficiency, and promoting financial inclusion.