First Independent Mena Newspaper
Africa’s long-fragmented cross-border payment systems may be on the cusp of transformation, driven by emerging alternatives to Western-dominated networks like SWIFT. The launch of BRICS Pay — a decentralized platform aiming to settle transactions in local currencies — signals a broader push to reduce reliance on the U.S. dollar and challenge the geopolitical sway it […]
In a strategic move to reduce global reliance on the U.S. dollar, China has welcomed six new financial institutions from Africa, the Gulf, and Central Asia into its Cross-border Interbank Payment System (CIPS). The expansion, announced during a ceremony in Shanghai, brings direct participation in the yuan-based payment network to 174 institutions, as China steps […]
Nigeria will apply for membership of the BRICS in the next two years and it intends to join the group with or without pressure from the West, the country’s foreign minister Yusuf Tuggar has said. During a recent three-day working visit to Russia, where he held talks with his Russian counterpart Sergey Lavrov, Tuggar re-iterated […]