PAPSS is a financial market infrastructure that enables instant, cross-border payments in local currencies between African markets. It is designed to revolutionize cross-border payments, making them faster, cheaper, and more secure than ever before.access more
The Pan-African Payment Settlement System (PAPSS) is a centralized payment and settlement platform for intra-African trade and commerce payments which was created through a partnership between the West Africa Monetary Institute (WAMI), the African Export-Import Bank, and Afreximbank. PAPSS makes payments easier for you and formalizes informal cross-border trade, while supporting the Africa Continental Free Trade Area agreement (AfCFTA). This is aimed at boosting trade and payments among corporates and retail customers.
The partnership with Access Bank and the Pan-African Payment and Settlement System will address the challenges and facilitate intra-African trade by providing an alternative to the current expensive and lengthy correspondent banking relationships, through a simple, low-cost and risk controlled instant payment clearing and settlement system.
in the following countries: Nigeria, Gambia, Sierra Leone, Liberia, Ghana, and Guinea.
The system conducts immediate checks for compliance, legal, and sanctions, ensuring that payments are processed within 120 seconds.
Settlement is on a Multilateral Net Basis and agreed settlement currencies.
By removing dependencies on 3rd currencies and correspondent banking, PAPSS reduces the cost of bank transfer within Africa.
Operates on a 24/7 basis.
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