Vice President Mahamudu Bawumia has called on the African Export-Import Bank (Afreximbank) to re-examine the strategy it is currently using to implement a centralized payment and settlement system for intra-African trade and commerce payments.
The Pan African Payments and Settlement System (PAPSS), developed by Afreximbank is the first centralized payment market infrastructure for processing, clearing and settling of intra-African trade and commerce payments. It is expected to facilitate payments as well as formalise some of the unrecorded trade due to the prevalence of informal cross-border trade in Africa.
Rather than requiring individual financial institutions across the continent to connect to a central database, Ghana’s Vice President believes a simpler, quicker and more effective method would be to plug in the existing payment structures being operated by African Central Banks into a central system at Afreximbank. Read More.