The Pan-African Payment and Settlement System – PAPSS – enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions.
Whether shopping, transferring money, paying salaries, dealing in stocks and shares or making high-value business transactions, PAPSS’ real-time infrastructure provides a reliable, cost-effective answer for instant payments.
PAPSS works in collaboration with Africa’s central banks to provide a payment and settlement service to which commercial banks, payment service providers and fintechs across the region can connect as ‘Participants’.
At a time when cross-border trading is high on the agenda with the African Continental Free Trade Area (AfCFTA) agreement now a reality, PAPSS is expected to facilitate the expected increased volumes in cross-border payments.