The pan-African payment and settlement system has begun to start!
The All Africa Network recently reported that the Pan-African Payment and Settlement System (PAPSS) was launched in Ghana on January 13 with the theme of "Connecting Payments to Help African Trade". PAPSS allows buyers in African countries to pay in their own currency and sellers in another country to receive payments in their own currency. Piloting the system in the West African Currency Region (WAMZ, including the Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone) and then gradually rolling it out after success will significantly simplify the trade process for the Continental Free Trade Area. To enable African countries to pay instantly in their respective currencies, PAPSS supports three core processes, namely instant payments, pre-financing and net settlement. The main features of PAPSS instant payment are: 24/7 service all year round, adopting ISO20022 global information standards, data-rich payment and remittance information, secure network infrastructure, network security and payment anti-fraud system based on behavioral analysis and machine learning capabilities.
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