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.
“Interstellar’s innovative approach exemplifies the transformative potential of blockchain technology,” said Obinna Iwuno, president of SiBAN. “Their work with PAPSS showcases how Nigerian blockchain expertise can address real-world challenges, positioning Africa as a global leader in financial innovation.”
The PACM, which runs on Interstellar’s Bantu blockchain network, supports transactions across 19 African countries and is fully aligned with local regulatory frameworks. By promoting local currency usage and reducing reliance on foreign exchange intermediaries, the solution contributes to broader policy objectives around trade integration and regional self-reliance.
Africa’s high transaction costs and fragmented payment systems have long constrained intra-continental trade and financial inclusion. Blockchain-based platforms like PACM are now emerging as viable alternatives, with the potential to accelerate the goals of the African Continental Free Trade Area (AfCFTA) and digital economy initiatives in countries like Nigeria.
As Nigeria’s leading blockchain advocacy body, SiBAN continues to support the adoption, regulation, and responsible deployment of blockchain technology through policy engagement, education, and partnerships. The group says Interstellar’s success is a reflection of the kind of innovation that can thrive within Nigeria’s growing blockchain ecosystem.
“Blockchain is not just a technology; it is a catalyst for Africa’s economic renaissance,” said Ernest Mbenkum, CEO of Interstellar.
“As a SiBAN member, we are honoured to contribute to this vision and will continue working to unlock blockchain’s full potential for Nigeria and beyond.”
