Intra-African Trade : Pan-African Payment and Settlement System (PAPSS) expands with the membership of the Central Bank of Tunisia
The membership of the Central Bank of Tunisia in the Pan-African Payment and Settlement System (PAPSS) opens up new perspectives for intra-African trade and financial integration on the continent. This advancement, bringing the number of participating countries to 13, underscores the growing commitment of African nations to a integrated and dynamic regional economy.
The Pan-African Payment and Settlement System (PAPSS) expands with the membership of the Central Bank of Tunisia, bringing the number of participating countries to 13. This expansion opens up new prospects for intra-African trade and financial integration on the continent. Launched in 2019, PAPSS allows businesses and individuals to make cross-border payments in real time and in local currency. This innovation facilitates trade and reduces transaction costs, two major obstacles to the development of intra-African trade.
Tunisia becomes the 13th country to join PAPSS, following Egypt, Nigeria, Ghana, Côte d’Ivoire, Senegal, Mali, Burkina Faso, Togo, Benin, Niger, Guinea-Bissau, and Guinea Conakry. This demonstrates its commitment to promoting economic growth and regional integration. This membership will benefit Tunisian businesses and citizens in many ways.
Closer economic and financial integration among African nations
Membership in PAPSS aligns with the Tunisian government’s efforts to integrate into the African Continental Free Trade Area (AfCFTA). The Governor of the Central Bank of Tunisia encourages Tunisian banks and the Post Office to adopt this innovative system to facilitate intra-African trade and integration into the formal sector. Afreximbank, the institution that developed PAPSS, welcomes Tunisia’s membership and sees it as an important step toward achieving financial integration on the continent. The Director-General of PAPSS emphasizes that this expansion reinforces aspirations for a unified African market.
As a reminder, the system facilitates cross-border transactions by allowing real-time payments in local currency. This facilitation of trade will help boost trade between Tunisia and other PAPSS member countries, as well as with the entire African continent. With faster, safer, and cheaper transactions, Tunisian businesses will have access to a larger market and can explore new commercial opportunities within Africa. This expansion of PAPSS thus strengthens the commitment to closer economic and financial integration among African nations.
For more information : https://papss.com/en/
