Pan African Payment and Settlements System

Vice President Mahamudu Bawumia has called on the African Export-Import Bank (Afreximbank) to re-examine the strategy it is currently using to implement a centralized payment and settlement system for intra-African trade and commerce payments. The Pan African Payments and Settlement System (PAPSS), developed by the Afreximbank is the first centralized payment market infrastructure for processing, clearing and settling of intra-African trade and commerce payments. It is expected to facilitate payments as well as formalise some of the unrecorded trade due to prevalence of informal cross-border trade in Africa. Rather than requiring individual financial institutions across the continent to connect to…