Egypt, Tunisia, Comoros and South Sudan are on the verge of joining PAPSS
Gideon Asare
Lead Research Analyst at Agpaytech Ltd - UK: Researching on emerging technologies, digital banking, FinTech, payment systems, regulations, remittance, etc.) & Scientific Research.
?? #PAPSS?(the Pan-African Payment and Settlement System) is a cross-border, financial market infrastructure enabling payment transactions across Africa.
? #PAPSS approach allows a customer in one #African country to pay in their currency, while a seller in another country receives #payment in their #currency.
? The challenge, however, is that only a few African countries have joined and achieved full interoperability, limiting the ability to maximize the opportunity presented by the PAPSS platform.
? Currently, 12 #centralbanks in Africa have joined #PAPSS, which represents 22.2%.
During the Africa Prosperity Dialogue (#APD2024) on 26 January 2024, the Governor of the Bank of Ghana, Dr. Ernest Addison hinted that the Central Bank of #Egypt, the Central Bank of the #Comoros, the Central Bank of #Tunisia, and the Bank of South #Sudan are on the verge of signing on to the PAPSS platform.
??This remarkable development marks a significant milestone in the journey towards a more integrated and efficient financial ecosystem across?#Africa.
?? PAPSS is also connected to five key switches?#NIBSS,?#GhiPSS,?#GamSwitch,?#RSwitch?and?#ZimSwitch.
?? Over 50?#commercial?banks are connected to the PAPSS system
?? The central banks from the following countries are already a members of the PAPSS;
? Gambia? Sierra Leone? Zimbabwe? Ghana? Nigeria? Liberia? Guinea? Djibouti? Zambia? Kenya? Rwanda? Malawi
#papss #africa #crossborderpayments #trade #egypt #tunisia #comoros #southsudan #afcta #banks #psps
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