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Africa: Pan-African Payment System Launched - How It Works
New Times, 13 January 2022
The long awaited Pan-African Payments and Settlement System (PAPSS) was launched Thursday, January 13, in Accra, Ghana, in a virtual event under the theme: "Connecting Payments,… Read more »
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Ghana: VP Bawumia Launches Pan-African Payments System - PAPSS
Ghana Presidency, 14 January 2022
"In my humble opinion, PAPSS is an African Solution to an African problem and it is the most practical and most important achievement in payment systems integration on the African… Read more »
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Africa: Key Pillars Mostly in Place to Speed Up Free Trade in 2022
Africa Renewal, 14 January 2022
One year in, African Continental Free Trade Area (AfCFTA) negotiators are making progress on remaining crucial elements, especially on rules of origin. Read more »
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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