PAPSS essential for intra-African trade - Wamkele Mene

Africa countries no longer need foreign currency to trade among themselves - Wamkele Mene

Payment system for Africa, PAPSS, launched in Accra

Wamkele Mene urges African countries to use PAPSS

Secretary-General of AfCFTA, Wamkele Mene has said the newly launched Pan-African Payment and Settlement System (PAPSS) was critical for the promotion of intra-African trade.

According to Wamkele Mene, with the common payment system, African countries would no longer need to use third party currencies during trade transactions among themselves.

He added PAPSS had come to break the overreliance Africa countries have on the use of foreign currency for like the US dollar for trade.

He hinted that through the system trade between countries would now be seamless.

The secretary-general who made these remarks at the launch of PAPSS in Accra on January 13, 2022, therefore, urged leaders of all African countries to fully commit to the implementation of the payment.

"Today, we have the opportunity to give practical meaning and practical content to this pan Africanism. PAPSS is a pioneering effort in achieving a pan-African Payment and Settle System which will enable Africa to reduce reliance on third currencies and more importantly there is the potential to significantly improve intra-African trade,” he was quoted by asaaseradio.com.

Also, the secretary-general of AfCFTA (African Continental Free Trade Area) commended African Export-Import Bank (Afreximbank) for successfully leading the charge for the establishment of PAPSS.

PAPSS is a centralised payment and settlement infrastructure for intra-African trade and commerce payments