Single currency and fintech to boost intra-africa trade and enhance AfCFTA implementation

The European Union (EU), the African Association for Public Administration and Management (AAPAM), the Pan-African Strategic and Policy Research Group (PANAFSTRAG) and the United Nations Economic Commission for Africa (ECA) organized a hybrid roundtable on Single Currency and Fintech to boost Intra Africa Trade and enhance AfCFTA implementation. The Roundtable was held on 23-24 August, 2021.

The objective of the Roundtable was to assess the progress made towards a Monetary Union at Regional levels as a priority for achieving continental monetary policy harmonisation leading to a single currency - AFRO by 2023.

The Roundtable also reviewed experiences of other Regional Economic Communities (RECs), especially ASEAN that has high intra-regional trade without monetary union and drew useful lessons for African RECs. The roundtable also considered the ongoing efforts of a gradual buildup of a sub-regional/Continental Payments System within the emerging framework of digital trade finance tools such as FINTECH, which will continue to enhance financial inclusivity and accessibility for traders and rural/urban consumers.