Transfer of funds among African countries made easier with PAPSS

A cross-border financial market platform, Pan-African Payment and Settlement System (PAPSS), has been introduced in Africa to make the transfer of funds easier and secured and to help accelerate trade in all 54 countries on the continent.

At the official launch of PAPSS in Accra, Vice-President Mahamudu Bawumia said the motive behind integrating the payment platforms is to ensure that the Continent increases intra-African trade that will translate into substantial economic benefits.

PAPSS officially launched in Accra and saw in attendance the Vice-President of Ghana, His Excellency Dr. Mahamudu Bawumia. He spoke explaining the motive behind the various payment platform integration.

He said business transactions can now be completed in real-time with reduced to no hindrance at all. He further said PAPSS will provide a solution to intra-African trade payment problems and that will be of immerse economical benefits.

PAPSS will ensure an instant transfer of funds from one African country to another. This is a cross-border payment system that instantly connects payment transactions across Africa. It comes in three stages.

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These are pre-funding, instant payment and settlement, and utilization of the Percentage in Points, PIP. It will benefit all stakeholders including governments, banks, and customers. It will also offer speed, simplicity, and security while increasing access to new African markets with minimum cost.

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Vice President Bawumia commended all stakeholders who contributed to making this dream a reality.

”I appealed to all Africans to embrace PAPSS to improve intra-region trade”.

Dr. Bawumia urged Central Banks in the region to ensure that their national switches are connected to the system.

Chief Executive Officer of PAPSS, Mike Ogbalu, said the introduction of the platform is a step in the right direction as it will help eliminate the artificial barriers to trade on the Continent.

He said the new system will not replace other existing platforms but create reliable connectivity for cross-border transactions.

The initiative has received support from the Afreximbank, African Union, and the Africa Continental Free Trade Area, AfCFTA Secretariat.

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