The African Continental Free Trade Area (AfCFTA) Secretariat is developing a Pan-African Payments and Settlement (PAPSS) platform, in collaboration with the Afreximbank to enhance cross border payments.
Mr Wamkele Mene, Secretary-General, Africa Continental Free Trade Area (AfCFTA), said the PAPSS would allow African businesses to make cross border payments for intra-Africa trade in national currencies, thereby saving the continent an estimated five billion dollars in transfer charges that flow out of the continent annually.
He said thus, when a trader in Ghana, trading under the AfCFTA, had to transact with a counterpart in Kenya, that Ghanaian importer would be able to transfer funds in Ghana cedis to the other counterpart who would receive the funds in Kenyan shillings.
Mr Mene made the disclosure at an honorific lecture in honour of Daniel M.C. Korley at the University of Professional Studies, Accra (UPSA) in Accra on the theme, “Creating the Next Generation of Entrepreneurs Through AfCFTA”. Read More.