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  • PAPSS will enable instant, cross-border payments in local currencies between African markets
  • PAPSS is set to boost intra-African trade significantly by simplifying cross-border transactions and reducing dependency on hard currencies
  • PAPSS is a collaboration between some of the continent’s leading institutions

In September, the African Export-Import Bank (Afreximbank) and AfCFTA Secretariat announced the operational roll-out of the Pan-African Payment and Settlement System (PAPSS).

The revolutionary Financial Market Infrastructure is meant to enable instant, cross-border payments in local currencies between African markets.

PAPSS is set to boost intra-African trade significantly by simplifying cross-border transactions and reducing dependency on hard currencies for these transactions. The system also underpins the implementation of the African Continental Free Trade Area (AfCFTA).

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The full implementation of PAPSS will serve as a continent-wide platform for processing, clearing and settling intra-African trade and commerce payments. This will leverage …