Afrieximbank’s Pan African Payment and Settlement System (PAPSS) has expanded into North Africa after Banque Centrale de Tunisie (BCT) joined the regional payments platform as its thirteenth member. PAPSS is a cross-border, financial market infrastructure enabling payment transactions across Africa. In 2022, BCT also joined the inter-Arab payment and settlement System (BUNA), in continuation of its commitment to the country’s strategic priorities. Banque Centrale de Tunisie has joined PAPSS under the commercial bank settlement model that was introduced in 2023 at the Afreximbank Annual Meetings in Accra, Ghana. The PAPSS model is meant to ease cross-border payments on the continent.

Source: The North Africa Journal February 13, 2024 04:46 UTC