By Chinenye Anuforo
Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) have gave a nod of recognition to Interstellar, one of its own members. The commendation comes for Interstellar’s significant work in pushing Africa’s blockchain scene forward.
Interstellar’s latest move, a collaboration with the Pan-African Payment and Settlement System (PAPSS), has launched the PAPSS African Currency Marketplace (PACM). This effort is earning serious praise, seen as a big step toward transforming how African nations trade with each other and building financial independence across the continent.
This whole initiative, made possible by Interstellar’s blockchain-friendly Stargate platform, tackles a huge problem head-on: the frustrating $5 billion annual trade hurdle caused by currencies that just don’t convert easily. The PACM now allows African currencies to be swapped smoothly, in real-time, directly between individuals and businesses. This means companies, small and medium-sized enterprises (SMEs), and even informal traders can now do business using their local money, cutting costs dramatically and pulling more people into the financial system.
“Interstellar’s smart approach really shows off what blockchain technology can do,” said Obinna Iwuno, SiBAN President, in a statement sent to Daily Sun. “Their work with PAPSS proves how Nigerian blockchain know-how can solve real-world problems, putting Africa right at the front of financial innovation globally. We’re incredibly proud to have Interstellar as part of SiBAN.”
Blockchain technology is increasingly becoming a core piece of Africa’s economic puzzle. It offers a way to build financial systems that are decentralized, open, and accessible to everyone. Its natural ability to ensure trust, security, and efficiency in transactions is already reshaping industries worldwide. For Africa, a place where broken financial systems and high transaction fees have long held back progress, blockchain offers a powerful path to economic strength and self-reliance. The PACM, which runs on Interstellar’s Bantu blockchain network, already lets 19 African countries and big multinational companies transact smoothly, all while sticking to local rules.
SiBAN, along with its diverse members, is right at the cutting edge of this tech revolution. They are actively championing blockchain uses that genuinely make a difference. From making cross-border payments easier to securing supply chains and improving digital identity systems, SiBAN members are rolling out all sorts of blockchain solutions across various sectors. These efforts fit perfectly with the goals of the African Continental Free Trade Area (AfCFTA) and Nigeria’s wider digital economy plans.
As Nigeria’s top blockchain advocacy group, SiBAN remains firm in its dedication to encouraging the use, understanding, and responsible regulation of blockchain technology. Through smart partnerships, leading ideas, and strong community involvement, the association helps its members create advanced solutions that tackle both local and global issues. Interstellar’s success with PACM stands as clear proof of the strength and cooperative spirit thriving within SiBAN’s community.
Ernest Mbenkum, CEO of Interstellar stated: “Blockchain is not just tech; it is what is driving Africa’s economic comeback. As a SiBAN member, we are honored to play a part in this vision, and we look forward to working together even more to unleash blockchain’s full power for Nigeria and beyond.”
SiBAN urged government officials, businesses, and innovators across Nigeria to embrace blockchain. It’s a vital tool, they said, for lasting development. By creating rules that encourage new ideas while also protecting consumers, Nigeria has a golden opportunity to cement its place as a global blockchain leader. SiBAN reiterated its commitment to backing its members and partners, including Interstellar, as they build solutions that boost financial inclusion, transparency, and economic growth.