LIVESTREAMED: AfCFTA Secretariat launches Pan African Payments & Settlement System

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: