CBN Governor says Pan-African payment, settlement system will simplify cross-border transactions, reduce third currencies for intra-African trade.

Written by on January 16, 2022

The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, says the Pan-African payment and settlement system, PAPSS, will simplify cross-border transactions and reduce third currencies for intra-African trade.

Emefiele said this in Accra, Ghana, at the launching of PAPSS.

He explained that CBN would continue to facilitate the widespread adoption, acceptance and implementation of PAPSS.

Reports say the Africa Export-Import Bank, Afreximbank, in collaboration with African Union, AU, and African Continental Free Trade Area, AfCFTA, officially launched the platform for commercial use.

The third currencies include dollars, pounds and euro for cross-border transactions in Africa.

Anthony Samuel

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