Another huge win for Intra - African Trade & AfCFTA as PAPSS is set to go live in January 2022.

Another huge win for Intra - African Trade & the African Continental Free Trade Area (AfCFTA) Agreement as the much awaited Pan African Payment and Settlement System (PAPSS) is set to go live in January 2022

In collaboration with Afreximbank, PAPSS is the first centralized payment market infrastructure for processing, clearing and settling of intra-African trade and commerce payments, as a key tool for a smooth implementation of the AfCFTA.

Benedict Oramah, President of Afreximbank, has mentioned that PAPSS would save the continent more than USD 5 billion in payment transaction costs per year. Thus, African companies, businesses, SMEs & Entrepreneurs will be able to clear and settle the transactions between them using local currencies and no longer rely on third currencies such as the USD or Euro which has historically led to high costs and longer transaction times.

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