19/10/2022
Have you heard about PAPSS before now?
If you do, what are there services and benefits?
Let's give you a clue.
Pan-African Payment And Settlement System - PAPSS was Launched by President Akufo-Addo Foreseeing $5 billion Annual Savings for Africa.
On the 13th of January 2022, Ghana President H.E Nana Addo Dankwa Akufo-Addo, represented by Vice President H.E Dr. Mahamudu Bawumia in Accra, hosted and presided over the commercial launch of the Pan-African Payment and Settlement System (PAPSS), observing that the ground-breaking platform will save Africa more than US$5 billion annually in payment transaction costs, while it plays an increasingly significant role in accelerating the continent’s transactions underpinning the operationalisation of the AfCFTA.
President Nana Akufo-Addo complimented Afreximbank & AfCFTA Secretariat for the establishment of the payment system citing PAPSS as a major leap in releasing the continent from overdependence on external players and factors in achieving a long yearned-for acceleration in intra-continental trade & investment. “This launch is a result of many months of hard work, resolve & commitment towards achieving set objectives for the growth of the continent in trade. All Central Banks in Africa must now join up and ensure seamless transfer of funds deploying this most practical and important African solution to an African problem.
PAPSS, developed by African Export-Import Bank (Afreximbank), is expected to boost intra-African trade by transforming & facilitating payment, clearing & settlement for cross-border trade across Africa.
Prof. Benedict Oramah, President & Chairman of the Board of Directors of Afreximbank, said in his remarks: “We are eager to build upon the African Continental Free Trade Area’s creation of a single market throughout Africa, and PAPSS provides the state-of-the-art financial market infrastructure connecting African markets to each other thereby enabling instant cross-border payments in respective local African currencies for cross-border trade. Afreximbank as the main Settlement Agent for PAPSS, provides settlement guarantees on the payment system and overdraft facilities to all settlement agents, in partnership with Africa’s participating Central Banks. PAPSS will effectively eliminate Africa’s financial borders, formalise and integrate Africa’s payment systems, and play a major role in facilitating & accelerating the huge AfCFTA-induced growth curve in intra-African trade.”
The PAPSS launch event was graced by the presence of Olusegun Obasanjo, former President of the Federal Republic of Nigeria & Chairman of the IAFTA Advisory Council, & H.E Mahamadou Issoufou – former President of Niger who is acknowledged as a champion in driving the establishment of the AfCTA Initiative.
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