The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said the newly launched Pan-African Payment and Settlement System (PAPSS) will simplify cross-border trade and reduce the heavy dependence on the US dollars, Pounds and Euro intra-African trade.
Emefiele said this yesterday in Accra, Ghana, during the launch of PAPSS. PAPSS is a cross-border financial market infrastructure enabling payment transactions across Africa, bridging trade challenges in a continent with over 41 known currencies.
It is expected to boost intra-African trade by transforming and facilitating payment, clearing and settlement for cross-border trade across Africa. PAPSS provides the solution to the disconnected and fragmented nature of payment and settlement systems that had long impeded intra-African trade.
The Africa Export-Import Bank (Afreximbank), in collaboration with African Union (AU) and African Continental Free Trade Area (AfCFTA), officially launched the platform for commercial use.
The CBN governor described the PAPPS as a breakthrough achievement for the continent, saying it would help facilitate trade and enhance payment gateway across West Africa.
