Worldwide: Launch Of The Pan African Payment And Settlement System – A New Dawn For Cross Border Financial Transactions In Africa in Mondaq
The Pan-African Payment and Settlement System – PAPSS is a centralized Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimizing risk and contributing to financial integration across the regions. PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service to which commercial banks and licensed payment service providers across the region can connect as ‘Participants’. Afreximbank and the African Union (“AU”) launched the PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on the December 5, 2020, the assembly of African Union recommitted and instructed the Afreximbank and the AfCFTA secretariat to finalize among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU, further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent.
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