The Pan-African Payment and Settlement System (PAPSS) will in April this year roll out an African currency trading platform, Professor Benedict Okey Oramah, the president and chairman of the board of directors of the African Export-Import Bank (Afreximbank), has said.
PAPSS, which was launched to make cross-border transactions seamless, has brought over 25 commercial banks on to its system since its launch by the African Union and Afreximbank in 2022.
Speaking at the just-ended Africa Prosperity Dialogues in Peduase on Saturday (27 January), Oramah said the move will also ease air travel.
“By April 2024, PAPSS will launch an African currency trading platform. This will unblock funds locked in various African countries due to a lack of foreign exchange,” he said.
“We also believe it will ease air travel, because airlines will also have their funds unblocked.
“A continent with over 42 different currencies and payment systems cannot trade among itself. That’s why we have collaborated with the AfCFTA and the AU Commission to develop a common payment platform – the Pan-African Payment and Settlement System – in order to create a single payment rail for the continent,” Oramah said.
Reporting by Fred Dzakpata in Aburi
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