PAPSS is a centralised payment and settlement infrastructure for intra-African trade and commerce payments.
The project is being developed in collaboration with the African Export-Import Bank, Afreximbank which seeks to facilitate payments as well as formalise some of the unrecorded trade due to prevalence of informal cross-border trade in Africa.
The system will also provide an alternative to current high-cost and lengthy correspondent banking relationships to facilitate trade among member countries of the free trade pact.
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