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
notes, only seven countries — all members of the West African Monetary Zone — were part of the pilot phase.
Meanwhile, the same report suggests that the continent’s small-to-medium enterprises 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.“The commercial launch marks a significant milestone in connecting African markets seamlessly.
ITC is preparing enterprises to benefit from PAPSS, creating new opportunities for growth in cross-border e-commerce and sustainable trade. The Techcabal report suggests that discussions about onboarding other African central banks are still ongoing. The report also states that through the new payment system, Africa has moved closer to having a single currency for the entire continent.
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