All is set for Vice President Mahamudu Bawumia to launch the Pan-African Payment and Settlement System (PAPSS) in Accra on Thursday.
PAPSS is a cross-border financial market infrastructure instantly connecting payment transactions across Africa.
It is designed to enable leading-edge technology African banks, payment service providers and other financial market infrastructure to make instant and secure payments between African countries.
The system was designed and facilitated by AFREXIHBANK, African Union and the African Continental Free Trade Area (AfCFTA) Secretariat.
It allows for instant payments by both originators and recipients to transfer and receive cash in their local currencies anywhere in Africa.
It thus simplifies the historical complexities and costs of making payments across Africa’s borders and provide operational efficiencies, which open up vast economic opportunities for economies.
PAPSS is expected to benefit all stakeholders from governments, banks and payment providers to the end customers, corporates, small enterprises and individuals.
The speed, simplicity and security of the process greatly improves the capabilities of the participants, increasing access to new African markets with less costly foreign exchange complications.
Governments and central banks will see less pressure on foreign exchange liquidity and greater transparency of cross-border transactions, increasing potential to generate revenue, as well as ease customers’ burden and enhance trade opportunities.