Allow National Switches to Integrate into Pan African Payments and Settlement System — Bawumia to Afreximbank

July 29, 2021 Modern Ghana 0 Comments

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.

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