African Banks Convene to Boost Intra-African Trade with PAPSS

Cairo, Egypt – May 14, 2024 – The Pan-African Payment and Settlement System (PAPSS) took a major step forward this week with the inauguration of its CEO Consultative Forum. The historic event, held in Cairo on May 13th, brought together leaders from across the African financial sector, including representatives of central banks, commercial banks, payment switches, and stock exchanges.

The forum’s primary focus was on harnessing PAPSS to streamline cross-border payments and unlock the full potential of the African Continental Free Trade Area (AfCFTA). Participants reaffirmed their commitment to the goals set by the African Union (AU) in 2019 and 2020, which designated PAPSS as the key infrastructure for facilitating these transactions.

Discussions centered on PAPSS’s achievements to date and how to optimize the system further. Participants acknowledged the positive impact PAPSS has already had on intra-African trade and pledged to work collectively to ensure its continued success.

A key takeaway from the forum was the collective drive to increase the use of African currencies in cross-border transactions. Leveraging PAPSS as a platform to achieve this goal was a major point of emphasis. Additionally, participants agreed to integrate PAPSS into their existing digital channels, making it easier for businesses to utilize the system.

“PAPSS is up and running, and we’re making significant progress,” stated Mr. Mike Ogbalu III, CEO of PAPSS. “We’ve already onboarded thirteen central banks, over 115 commercial banks, and ten payment switches across Africa, with another 115 banks in the pipeline. The groundwork is laid, now it’s time to take action and accelerate PAPSS’s adoption. It’s about driving trade within Africa, for Africans, by Africans. We urge all banks to join us in this collective effort to unlock Africa’s full trade potential.”

Mr. Ogbalu further expressed his enthusiasm for the overwhelming support from African financial leaders. He underscored PAPSS’s revolutionary potential to transform the continent’s financial landscape and reiterated the organization’s commitment to ensuring its success.