The AfCFTA Secretariat is located in Ghana-West Africa
The African Continental Free Trade Area Secretariat is holding a commercial launch of the Pan African Payments and Settlement System (PAPSS) in Accra, Ghana.
PAPSS is a centralised payment and settlement infrastructure for intra-African trade and commerce payments.
The project is being developed in collaboration with the African Export-Import Bank, Afreximbank which seeks to facilitate payments as well as formalise some of the unrecorded trade due to prevalence of informal cross-border trade in Africa.
The system will also provide an alternative to current high-cost and lengthy correspondent banking relationships to facilitate trade among member countries of the free trade pact.
Watch the event below:
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