We are over the moon as over 11 African Central Banks is now on the Pan-African Payment and Settlement System (PAPSS)

A brain brainchild of Afreximbank and proudly supported by the African Union African Continental Free Trade Area (AfCFTA) Secretariat, PAPSS is a financial market infrastructure that enables instant, cross-border payments in local currencies between African markets.

Tt was established to enable efficient payment for intra-African trade in national currencies, promoting intra-African trade, minimizing risk and contributing to financial integration across Africa.

There are over 42 currencies in Africa, the new PAPSS 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.

With PAPSS, Africans will no longer need to convert local currencies into hard currencies which then entailed the funds leaving Africa to be converted before being sent back again to the beneficiary bank – adding days to the transaction time

More than that, horrible experiences like, " I paid an extra $165 ($30 as transfer fee, $35 as SWIFT charges and another $100 bank charges ) on top of a $10,000 bank transfer to the seller on orders within Africa is over.?

According to Benedict Oramah, President of the African Export-Import Bank, (Afreximbank), in a recent interview with Africa Renewal, ‘’a cumbersome and time-consuming process costs us [Africans] about $5 billion in [money transfer] charges each year.” Worst still, is the fact that included in this whopping sum are would-be -profits accruable to African Businesses, SMEs & Entrepreneurs, but are filtering away through Bank Charges, Exchange Rates & Transfer Fees amongst others.

In July 2019, African Union heads of state meeting in Niamey, adopted PAPSS as the payment and settlement system to support the implementation of the AfCFTA. Its currently live in the West African States Monetary Zone (WAMZ) in the following countries: Nigeria, Gambia, Sierra Leone, Liberia, Ghana, and Guinea.

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