The Pan African Payments and Settlement System (PAPSS) Builds Alliances
PAPSS was launched by the Afreximbank last year and has been piloting in West Africa, it is now signing up partners, including SA’s Standard Bank with which it signed a MoU to facilitate settlement of cross-border transactions of the bank, including the transactions of all their subsidiaries through PAPSS. The partnership aligns with the African Union’s vision of promoting intra-African trade and economic integration through enhanced financial connectivity. By leveraging their combined expertise, Standard Bank and PAPSS are poised to contribute to the growth and development of the African economy.
Meanwhile one of the countries involved in the PAPSS pilot, Sierra Leone, has announced the launch of the National Payment Switch. This new financial infrastructure, which is part of a $12m funding programme from the World Bank, interconnects 6 commercial banks and enables payments interoperability among banks, microfinance institutions, mobile money operators and financial technology firms.
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