New Payment System Seeking to Bolster Intra-African Trade Goes Live – Emerging Markets Bitcoin News

A new, continent-wide payment system seeking to strengthen African fiat currencies and boost intra-Africa trade recently went live.

Papss, Crossborderpayments

1/22/2022 9:04:00 PM

The new payment system is an attempt by African countries to limit their reliance on the U.S. dollar when settling cross-border payments. papss crossborderpayments

A new, continent-wide payment system seeking to strengthen African fiat currencies and boost intra-Africa trade recently went live.

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. It adds that as more start to use the PAPSS system, an estimated $5 billion in savings on clearance and transactional costs will be realized annually.

These savings, in turn, will enable the SMEs to scale as Mike Ogbalu, the CEO of PAPSS, explains.“The commercial launch marks a significant milestone in connecting African markets seamlessly. It will provide a fresh impetus for businesses to scale more easily across Africa and is likely to save the continent more than $5 billion in transactions costs every year,” noted Ogbalu.

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