Africa’s big banks, including the Standard Bank Group, have signed agreements to integrate the new Pan-African Payment and Settlement System (PAPSS) into their operations to allow banks to transact across borders using their own local currencies. PAPSS is the brainchild of Afreximbank, and has lured key banks such as Access Bank Group, Ecobank Group, KCB Group, Standard Bank Group and UBA Group. According to Ethiopian news agency, The Reporter, PAPSS aims to revolutionise cross-border payments across Africa by leveraging the vast networks of partner banks. Afreximbank president Benedict Oramah said the agreements bring Africa “closer to domesticating cross-border payments by enabling payments for cross-border trade in African currencies”. The agreements will be implemented gradually in partnership with central banks, and customers will be notified when PAPSS services become available in their countries.

Source: Ethiopian News July 01, 2023 12:05 UTC