AfCFTA :PAPSS officially launched to aid payment transaction across Africa

The Pan-African Payments and Settlement System (PAPSS) was officially launched in Accra, Ghana, on January 13, in a virtual event titled “Connecting Payments, Accelerating Africa’s Trade.”

PAPSS, developed by African Export-Import Bank (Afreximbank), is expected to boost intra-African trade by transforming and facilitating payment, clearing and settlement for cross-border trade across Africa.

The new approach allows a customer in one African country to pay in their own currency, while a seller in another country receives payment in their own currency.

After a successful pilot in the West African Monetary Zone (WAMZ), the payment system was launched commercially. Gambia, Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone make up the WAMZ, a West African economic and integration organization.