Kenya has embraced a new pan-African payment system aimed at reducing reliance on foreign currencies like the US dollar in intra-African trade. The Pan-African Payments and Settlement System (PAPSS), developed by Afreximbank and the African Union, now…

This development is expected to further support cross-border payments and enhance the regulatory framework governing intra-African trade

L'Algérie vient de franchir une étape stratégique dans son engagement pour l'intégration économique africaine. La Banque d'Algérie a officiellement rejoint le Système panafricain de paiement et de règlement (PAPSS), rapporte ce 15 août 2025, une dépêche de l'Apo. Le PAPSS, faut-il le signaler est une initiative de la Banque Africaine d'Import-Export (Afreximbank) mise en oeuvre en partenariat avec la Commission de l'Union africaine

YouTube video by Seefinish & Insights

NAIROBI, Kenya, Feb 26 – KCB Group has signed up for the Pan-African Payment and Settlement System (PAPSS), becoming the first bank in East Africa to integrate the platform into its operations. The move will enable KCB customers to enjoy faster…

On 29 September, the Guardian reported on the Pan-African Payment and Settlement System (Papss), which promoises instant transfers of funds within 7 seconds from one African country to another, in their respective local currencies. It is backed by the African Export-Import Bank and the African Union.

The announcement also empowers commercial banks to source foreign exchange for PAPSS through Nigeria’s Foreign Exchange market

La Banque de Kigali s'est associée au système panafricain de paiement et de règlement (PAPSS) pour révolutionner les transactions transfrontalières à travers l'Afrique, ce qui en fait la première banq

During a recent interview, it was revealed that Africa loses an enormous sum of money while conducting trade in foreign currencies, notably the US dollar. The fact that Africa does business with its foreign partners using foreign currencies typically generates losses for the continent. For decades, African states have traded both within the continent and with international partners with foreign currencies, namely the US dollar, the euro, and, to a lesser extent, the British pound and Chinese yuan. This reliance arises from historical economic links, post-colonial banking institutions, and global trade patterns that favor Western currencies as primary mediums of exchange. However, this system has a considerable negative impact on intra-African trade by increasing transaction costs, delaying trade settlements, and exposing African economies to currency rate instability. It also requires African firms and governments to keep substantial foreign currency reserves, which are frequently obtained through borrowing or trade surpluses with external partners, putting further strain on economic stability. This was highlighted in an interview with Dr. Melaku Geboye Desta, Coordinator of the African Trade Policy Centre (ATPC), on the sidelines of the 57th session of the ECA Conference of African Ministers of Finance, Planning and Economic Development in Ethiopia’s capital, Addis Ababa. Citing data from Afreximbank, Dr. Melaku Geboye Desta told Sputnik that Africa trading in currencies such as the USD cost the continent approximately $5 billion annually. “The moment we remove the non-African currencies, the hard currency serving as an intermediary, the moment we start saving the transaction cost involved in the conversion and reconversion process, we believe trade will be facilitated, it will be cheaper, it will be more competitive,” he stated. He also noted that the Pan-African Payment and Settlement System (PAPSS), which incorporates clearing institutions that function without the need for an intermediate currency, was developed by the continent as a result of this way of thinking. “And through that, we believe that there are huge opportunities to save on the transaction cost and to facilitate, to speed up, to expedite and to make it more competitive to conduct trade between our own countries,” Dr. Melaku Geboye Desta added. Very recently, some African countries have begun considering the use of their local currencies to conduct business with non-Western partners such as China and Russia.  Russia to strengthen its ties with Ethiopia via currency cooperation One of the most recent of such initiatives is Russia and Ethiopia’s plan to begin trading in their respective currencies. Business Insider The post Africa Loses $5B Annually Due to Foreign Currency Trade appeared first on 360 Mozambique.

The Pan-African Payment and Settlement System (PAPSS) launched by African Export-Import Bank (Afreximbank) in collaboration with AU.

This article was produced with the support of Afreximbank The Pan-African Payment and Settlement System (PAPSS), an Afreximbank-led initiative aimed at simplifying cross-border transactions within Africa, has expanded its reach to 16 countries, with 15 financial institutions and 14 national switches now connected. This milestone marks significant progress in the effort to boost intra-African trade by reducing reliance on foreign currencies, lowering transaction costs, and accelerating payment processes.

Summary Analysis of Africa Headlines. Text Mining, Sentiment Analysis and Info-Emotional Themed Classification of Aggregated Headlines. Discover Positive and Negative Sentiment headlines, covering the...

The PAPSS African Currency Marketplace jointly developed by PAPSS and Interstellar, enables the direct exchange of African currencies without passing through hard currencies

Onafriq, a Pan Africa payments company, has partnered with the Pan-African Payments Settlement System (PAPSS) to help with intra-trade across the region. Details At the event, Dare Okoudjou (CEO of Onafriq), Mike Ogbalu (CEO of PAPSS), and Ike Aneson (Country Director of Onafriq for Gambia and Ghana) were present to discuss the partnership and its […]

The pilot phase of the launch will run for 6 months to evaluate adoption, transaction flow, and FX performance, needed for expansion plan.

Abuja, Nigeria – April 28, 2025 (Naija247news.com) – In a move set to revolutionize cross-border payments across the continent, the Central Bank of Nigeria (CBN) has announced a significant revision of the documentation requirements for transactions conducted through the Pan-African Payment and Settlement System (PAPSS). According to a statement issued by Hakama Sidi-Ali, the Acting Director of CBN’s Corporate Communications Department, the initiative is part of the apex bank’s sustained efforts to strengthen intra-African trade, promote financial inclusion, and enhance operational efficiency for Nigerians engaging in cross-border transactions.

L’Algérie a officiellement rejoint le Système panafricain de paiement et de règlement (PAPSS), un mécanisme mis en place pour faciliter