Pan African Payment System Expands To North Africa

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Pan African Payment System Expands To North Africa
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Pan African Payment & Settlement System has expanded into North Africa as Banque Centrale de Tunisie (BCT) became its member.

 

Banque Centrale de Tunisie is the 13th central bank member of Pan African Payment & Settlement System and it signified BCT’s determination to foster economic growth and development within the country and the African region

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PAPSS, developed by African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, facilitates real-time settlement of intra-African trade and payments, in African currencies, across the continent.

By uniting central banks from across Africa, PAPSS seeks to address the existing challenges faced by African businesses and individuals in accessing efficient and cost-effective cross-border payment services.

This value-adding collaboration will allow Tunisian businesses and citizens to benefit from enhanced payment efficiency, reduced transaction costs, and more opportunities to trade and pay with other African countries.

Governor of Banque Centrale de Tunisie, Mr. Marouane El Abassi said that the inclusion of BCT in the PAPSS system demonstrated the country’s commitment to regional integration within the African continent at an economic and financial level.

He said the membership supports the government’s efforts, led by the Ministry of Commerce, to integrate Tunisia into the AfCFTA. In 2022, BCT also joined the inter-Arab payment and settlement System (BUNA), in continuation of its commitment to the country’s strategic priorities.

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