The Pan African Payment and Settlement System (PAPSS) has announced the entry of Banque Centrale de Tunisie (BCT) into its network as its thirteenth central bank member. By uniting central banks from across Africa, PAPSS seeks to address the existing challenges faced by African businesses and individuals in accessing efficient and cost-effective cross-border payment services. The Chief Executive Officer of PAPSS, Mr. Mike Ogbalu III, echoed Dr. Elombi’s sentiments, emphasising the significance of Banque Centrale de Tunisie joining PAPSS. According to him, they are happy to welcome Banque Centrale de Tunisie as the thirteenth member and first central bank in North Africa. Additionally, it is anticipated that more central banks will join the platform throughout the current year.

Source: The North Africa Journal February 14, 2024 13:05 UTC