Intra-African Trade has been hampered by the inability of Africa’s financial institutions to transact directly and settle payments in local currencies. African companies and their local banks still rely on correspondent banks – often outside of Africa – to settle payments between two African currencies often requiring a third external currency and taking several days. This system has also had the effect of creating pressure on foreign exchange and liquidity requirements for individual African Central Banks. The Pan-African Payment and Settlement System #PAPSS aims to reduce costs, and accelerate the settlement and payment of trade transactions; enable the efficient flow of money securely across African borders, and thus minimise the risk while contributing to the financial integration across Africa which is necessary for the growth of intra-African Trade, #PAPSS aspires to save businesses across the continent USD5 billion in transactions costs each year. Learn more on [ Ссылка ] and visit [ Ссылка ] to learn more about the #AfCFTA #Agenda2063 #TheAfricaWeWant
