A new payment system in Africa could save the continent up to $5 billion in processing costs by eliminating the dollar from cross-border transactions. The reliance on US and European banks for transaction clearance currently causes delays and expenses for African businesses.

The implementation of a unified payment system under the African Continental Free Trade Area pact aims to streamline financial transactions across the continent, reducing costs and enhancing efficiency for businesses engaged in cross-border trade. The potential benefits of this system for Africa's economic landscape are emphasized by Tunde Macaulay, head of business and commercial banking at Standard Bank Group Ltd.