Pan-African Payments and Settlement System- The basics, what you need to know
for AfCFTA to be effective, the cost of money transfers across the continent must be lowered. The African Union supported by the African Export Import Bank- AfriExim ,(Bank was established in Abuja, Nigeria in October, 1993 by African Governments, African private and institutional investors as well as non-African financial institutions and private investors for the purpose of financing, promoting and expanding intra-African and extra-African trade.) The bank has collaborated on the development of a Pan-African Payments and Settlement System -PAPSS a centralized payment system that will provide the infrastructure for intra Africa trade.
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