Pan-African Payment and Settlement System

The Pan-African Payment and Settlement System (PAPSS) is a Pan-African real-time gross settlement (RTGS) infrastructure for cross-border payments in distinct local currencies. It was publicly launched on January 13, 2022[1] by the African Union (AU) and the African Export-Import Bank (Afreximbank) to compliment trading under the African Continental Free Trade Area(AfCFTA).

History of PAPSS

PAPSS was first mentioned on the 7 July 2019[2] at the 12th Extraordinary Session of The African Union Assembly in Niamey, Niger to support the launch of the operational phase of AfCFTA.[3] It started as a pilot project among the 6 countries in the West African Monetary Zone(WAMZ) before it became publicly available.[2]

See also

References
  1. Ifeanyi, Ubah Jeremiah (14 January 2022). "PAPSS officially launched to aid payment transaction across Africa". Nairametrics. Retrieved 16 June 2023.
  2. Santosdiaz, Richie (25 June 2022). "Overview of The Pan-African Payment and Settlement System PAPSS". The Fintech Times. Retrieved 16 June 2023.
  3. "Decisions of the 12th Extraordinary Session of the Assembly | African Union". au.int. Retrieved 16 June 2023.
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