AGI President joins panel to discuss PAPSS, its role and impact on trade facilitation in Africa.
AGI President joins panel to discuss PAPSS, its role and impact on trade facilitation in Africa.
Dr. Humphrey Ayim Darke, Association of Ghana Industries (AGI) President, joins august panel at the serene African Regent Hotel,
to discuss the benefits of the Pan-African Payment and Settlement System – PAPSS, its role and impact on trade facilitation in Africa.
The seminar, being organised by Prudential Bank is themed: Stimulating trade in Africa through efficient payment solution -The role of PAPSS and banks.
The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure enabling the efficient and secure flow of money across African borders. The platform minimises risk and contributes to financial integration across the regions. PAPSS is an African Union infrastructure developed in collaboration with the African Export-Import Bank (Afreximbank) to complement trading under the AfCFTA.
PAPSS works in collaboration with central banks in the continent to provide a payment and settlement service to which commercial banks, payment service providers and fintech organisations across the continent can connect as participants.
The platform provides an alternative to current high-cost and lengthy correspondent banking relationships to facilitate trade and other economic activities among African countries through a simple, low-cost risk-controlled payment clearing and settlement system. It also serves as an avenue of expanding financial inclusion to cover the informal sector while monitoring funds transfers, thus reducing money laundering, which costs the continent several billions of dollars annually.
Whether shopping, transferring money, paying salaries, dealing in stocks and shares or making high-value business transactions, PAPSS’ real-time infrastructure provides a reliable, cost-effective answer for instant payments.
As of June 2022, the PAPSS network consists of 8 central banks, 28 commercial banks and six switches. It will expand into the five regions of Africa before the end of 2023.
All Central banks are to sign up by the end of 2024 and all commercial banks by the end of 2025.
