A new continent-wide payment system that seeks to strengthen African fiat currencies, as well as to boost intra-Africa trade, recently went live. Discussions about onboarding more African countries are still ongoing.
SMEs the Main Beneficiaries of the Payment System
A new African payment system, the Pan-African Payment and Settlement System (PAPSS), recently went live in Ghana, setting the stage for its rollout across the continent. The payment system seeks to strengthen African fiat currencies as well as to boost intra-Africa trade.
The payment system — the brainchild of the African Union, Afreximbank and AfCFTA — is an attempt to reduce African countries’ dependence on the U.S. dollar. However, as a Techcabal report notes, only seven countries — all members of the West African Monetary Zone (WAMZ) — were part of the pilot phase.
Meanwhile, the same report suggests that the continent’s small-to-medium enterprises (SMEs) could be the main beneficiaries of the PAPSS system.
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