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.


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