We value your privacy

We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. By clicking "Accept All", you consent to our use of cookies. Cookie Policy

Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

ADVERTISEMENT
Africanian
  • News
  • News 24/7
  • Politics
  • Business
  • Health
  • Sports
  • Travel
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
  • Events
No Result
View All Result
Africanian
No Result
View All Result
Home Business

An Africa-wide payment system aimed at boosting trade within the region has come into service.

The initiative is backed by the African Export-Import Bank, or Afreximbank, and the secretariat of the African Continental Free Trade Area, or AfCFTA.

in Business
Reading Time: 1 min read
0 0
0
An Africa-wide payment system aimed at boosting trade within the region has come into service.
0
SHARES
Share on FacebookShare on TwitterShare via Whatsapp

The Pan-African Payment and Settlement System, or PAPSS, which enables centralized payment and settlement, has been welcomed as providing a spur for intra-African trade.

The system was conceived by the African Union as a means of accelerating regional trade under the AfCFTA, a free-trade area that came into effect in January. The system will facilitate payments as well as formalize some of the unrecorded trade flows that result from the informal nature of much of cross-border trade in Africa.

Its backers say it will also provide alternatives to costly correspondent banking relationships to facilitate trade and other economic activities among African countries through a risk-controlled payment clearing and settlement system.

Benedict Oramah, chairman of the PAPSS management board and Afreximbank president, said that with the system’s implementation, Africa can expect to begin to reap the fruits of the free-trade pact.

“The PAPSS is not positioned to replace existing regional and national payment systems but to collaborate and work with them in better integrating African economies for the benefit of all,” Oramah said.

More

Nigeria accelerates economic transformation with key reforms and signs of recovery

Rwanda combines youth innovation and circular economy to build a resilient nation

7 Tracks, 1 Future: AfriLabs Annual Gathering 2025 Sets the Stage for Africa’s Innovation Renaissance

Wamkele Mene, secretary-general of the AfCFTA secretariat, said the system provides Africa with a greater capacity to conduct cross-border transactions and expand the scale of “both active and latent opportunities” for enhanced intra-African trade.

The African Union expects the system will serve as a continentwide platform for the processing, clearing, and settling of intra-African trade and commerce payments.

The PAPSS has been tested in the West African Monetary Zone with transactions done in an instant. To accelerate the system’s expansion, Afreximbank has approved $500 million to support clearing and settlement in countries within the West African zone. An estimated additional $3 billion will be made available to support the implementation of the system across the continent.

Source: China Daily
africanian

africanian

  • Trending
  • Comments
  • Latest
Rwanda combines youth innovation and circular economy to build a resilient nation

Rwanda combines youth innovation and circular economy to build a resilient nation

July 3, 2025
7 Tracks, 1 Future: AfriLabs Annual Gathering 2025 Sets the Stage for Africa’s Innovation Renaissance

7 Tracks, 1 Future: AfriLabs Annual Gathering 2025 Sets the Stage for Africa’s Innovation Renaissance

June 25, 2025
Kenya: a business blossoming from the soil

Kenya: a business blossoming from the soil

June 23, 2025
Lesotho increases blood collection by 70% between 2017 and 2024

Lesotho increases blood collection by 70% between 2017 and 2024

July 8, 2025
Nigeria accelerates economic transformation with key reforms and signs of recovery

Nigeria accelerates economic transformation with key reforms and signs of recovery

July 7, 2025
RevUp Women Initiative Launches Nigeria Edition at Lagos Startup Week 2025

RevUp Women Initiative Launches Nigeria Edition at Lagos Startup Week 2025

July 5, 2025
Twitter Instagram Youtube Facebook
No Result
View All Result

Africanian News

Is a dedicated project aimed at amplifying the voices of the African Ecosystem and Diaspora. We actively collaborate with initiatives to improve access to education and digital inclusion, both in traditional schools and through digital platforms, for African children.

It’s crucial to emphasize that none of the articles or images featured on our platform are intended for copyright infringement, neither now nor in the future. If you believe that any information, text, image, etc., may be subject to copyright and should be removed, please notify us by sending an email to info@africanian.com

Your dreams matter; your stories matter.

Feel free to explore collaboration opportunities with us. Share your articles, thoughts, interviews, experiments, or no-comment videos by reaching out to info@africanian.com. You can also subscribe to our mailing list to receive the latest updates from Africanian News.

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

No Result
View All Result
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Entertainment
  • Tech
  • Travel
  • World

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Log In

Sign In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Back to Login

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Accept

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.