New Pan-African Payment System Means Business

The long awaited Pan-African Payments and Settlement System (PAPSS) was launched on January 13, 2022 in Accra, Ghana, in a virtual event under the theme: "Connecting Payments, Accelerating Africa's Trade."

Its commercial launch came after a successful pilot in the West African Monetary Zone (WAMZ) region. The WAMZ is a West-African economic and integration body with six member countries - Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone.

The new system allows a buyer in one African country to make a payment in his or her national currency and the seller in another country receives payment in their local currency.

The system is a cross-border, financial market infrastructure that will instantly connect payment transactions across Africa. This will eliminate the need to route such payments through third party banks usually located outside the continent.

InFocus

(file photo).

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.

X