Egypt, Tunisia, Comoros and South Sudan are on the verge of joining PAPSS

📍 #PAPSS (the Pan-African Payment and Settlement System) is a cross-border, financial market infrastructure enabling payment transactions across Africa.

⏮ #PAPSS approach allows a customer in one #African country to pay in their currency, while a seller in another country receives #payment in their #currency.

⏮ The challenge, however, is that only a few African countries have joined and achieved full interoperability, limiting the ability to maximize the opportunity presented by the PAPSS platform.

⏮ Currently, 12 #centralbanks in Africa have joined #PAPSS, which represents 22.2%.

During the Africa Prosperity Dialogue (#APD2024) on 26 January 2024, the Governor of the Bank of Ghana, Dr. Ernest Addison hinted that the Central Bank of #Egypt, the Central Bank of the #Comoros, the Central Bank of #Tunisia, and the Bank of South #Sudan are on the verge of signing on to the PAPSS platform.

🔻This remarkable development marks a significant milestone in the journey towards a more integrated and efficient financial ecosystem across #Africa.

🔻 PAPSS is also connected to five key switches #NIBSS, #GhiPSS, #GamSwitch, #RSwitch and #ZimSwitch.

🔻 Over 50 #commercial banks are connected to the PAPSS system

🔻 The central banks from the following countries are already a members of the PAPSS;

⏸ Gambia⏸ Sierra Leone⏸ Zimbabwe⏸ Ghana⏸ Nigeria⏸ Liberia⏸ Guinea⏸ Djibouti⏸ Zambia⏸ Kenya⏸ Rwanda⏸ Malawi

#papss #africa #crossborderpayments #trade #egypt #tunisia #comoros #southsudan #afcta #banks #psps

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