September 29, 2021

AfCFTA: Afreximbank launches pan-African payment platform

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By Yinka Kolawole, with agency report

In furtherance to the take- off of the African Continental Free Trade Area (AfCFTA), African Export-Import Bank (Afreximbank) has launched the pan-African payment and settlement system (PAPSS) to ease cross-border payments in local currencies across different markets in the continent.

In a statement yesterday, Afreximbank said PAPSS, which was developed in collaboration with the AfCFTA secretariat and central banks in the continent, will underpin the implementation of AfCFTA.

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Afreximbank President, Benedict Oramah stated: “With the implementation of PAPSS, Africa can expect to begin to reap the fruits of the African Continental Free Trade Agreement. Afreximbank is proud to have contributed in the realization of the multi-decade dream that seemed unachievable just a few years ago.”

Wamkele Mene, AfCFTA Secretary-General, said: “The implementation of the agreement establishing AfCFTA will improve intra-Africa trade, necessitating in this regard, the establishment of a payment system to facilitate affordable and efficient cross border trade transactions.”

Also commenting, Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, said: “The introduction of PAPSS provides central banks with greater transparency and control as we now have a single window into all cross-border transactions emanating from our various jurisdictions and across the continent.”