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PAPSS: Revolutionising cross-border payments in Africa

PAPSS: Revolutionising cross-border payments in Africa

Image from Africanews

Afrieximbank and AfCFTA rollout Pan African Payment and Settlement System (PAPSS) to facilitate instant, cross border payments in local currencies.

With at least 40 countries out of 54 ratifying the Africa Free Trade Agreement, there is no doubt that African countries are eager to trade with each other. The Pan-African Payment and Settlement System is a timely intervention that promises to make the cross border payments seamless, cheaper and currency friendly. John Sebabi, the deputy Chief Executive Officer of PAPSS explained how exactly the Pan-African Payment and Settlement System will save the continent over 5 billion in cross border payments.

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