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PAN-AFRICAN PAYMENTS AND SETTLEMENT SYSTEM LAUNCHES

PAN-AFRICAN PAYMENTS AND SETTLEMENT SYSTEM LAUNCHES
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Staff writer

The Pan-African Payments and Settlement System (PAPSS) finally launches in Accra Ghana. The theme of the event was “Connecting Payments, Accelerating Africa’s trade.”

PAPSS will enable merchants to trade with ease, taking out the laborious currency exchange exercise which is dogged with currency fluctuations and multilayered exchanges.

The number of currencies in Africa is as many as the number of countries in the continent. That makes business transactions very expensive, and inefficient.

PAPSS – the Pan-African Payment and Settlement System – is a cross-border, financial market infrastructure enabling payment transactions across Africa.

According to the Chief Technical Advisor at the African Continental Free Trade Area (AfCFTA) Secretariat, Mr. Prudence Sebahizi, PAPSS will enable merchants to trade goods or services with their own national currencies without the worry of the exchange rates mechanisms.

Currently, transactions are complex where a country such as Botswana 🇧🇼 purchases goods and services from Rwanda 🇷🇼. Botswanan Pula (currency) goes through an exchange to the US dollar, then converted from the US dollar to the Rwandan Franc before the transaction is complete.

How it works /courtesy/

PAPSS came through a successful commercial pilot program launch in the West African Monetary Zone (WAMZ) region. The WAMZ is a West-African economic block consisting of six countries – The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone.

For more information, visit PAPSS website: https://papss.com/

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