PAPSS welcomes Central Bank of Kenya as the 10th Member
Gideon Asare
Lead Research Analyst at Agpaytech Ltd - UK: Researching on emerging technologies, digital banking, FinTech, payment systems, regulations, remittance, etc.) & Scientific Research.
?? The?Central Bank of Kenya?has recently become the newest member of?#PAPSS, solidifying its position as the #tenth member central #bank to join this revolutionary initiative of?the African Export-Import Bank (Afreximbank).
?? This remarkable development marks a significant milestone in the journey towards a more integrated and efficient financial ecosystem across #Africa.#PAPSS (the Pan-African Payment and Settlement System) is a cross-border, financial market infrastructure enabling payment transactions across Africa. It is headquartered in?#Cairo, #Egypt.
?? PAPSS is the brainchild of?#Afreximbank, Africa's pre-eminent trade finance institution, whose mission includes stimulating the expansion, diversification and development of African #trade.
?? PAPSS enables the efficient flow of money securely across African borders, minimizing risk and contributing to financial integration across the regions. The key is a single payment infrastructure that cuts through the existing challenges of local #currency exchange and ensures #instant payment of #funds.?
?? Out of the 54 independent countries in the African continent, 10 central banks which represent 18.5% have joined PAPSS.
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?? Africans trade more outside the continent than among themselves, with just 17% of exports going somewhere else within the region.
?? ?PAPSS is using #dollar exchange rates for now, and bank funds the system posing a challenge to #domesticate intra-African payments.
?? 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 member of the PAPSS;? Gambia? Sierra Leone? Zimbabwe? Ghana? Nigeria? Liberia? Guinea? Djibouti? Zambia.
? PAPSS is still open to #centralbanks, financial #intermediaries, #commercial banks, #fintech companies and payment service providers (#PSPs) who together facilitate #crossborder payments for their clients.