AU, Afreximbank, AfCFTA inaugurate Pan-African payment, settlement systems


By Emmanuel Afonne

The African Union, African Export-Import Bank (Afreximbank) and AfCFTA have inaugurated the Pan-African Payment and Settlement System (PAPSS), thereby making it available for use by the public.

The News Agency of Nigeria (NAN), reports that PAPSS is a cross-border, financial market infrastructure enabling payment transactions across Africa.

The commercial launch of PAPSS, which took place in Accra, Ghana, virtually and physically, would ensures instant or near-instant transfers of funds between originators in one African country and beneficiaries in another.

Speaking at the event, Mr Mike Ogbalu, CEO of PAPSS, said that the feat was a step forward in the continent’s collective journey towards self-reliance.

“A journey that is leading us to the prosperous Africa of our dreams as espoused in the African Union’s Agenda 2063: the Africa We Want.

“Our progress on this journey has as its guiding lights a clear shared vision and unity of purpose….

Source: News Agency of Nigeria

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