According to PAPSS, this strengthens its commitment to promote cross-border payment services and improving financial integration across Africa.

The Pan African Payment and Settlement System (PAPSS) has added Banque Centrale de Tunisie as its thirteenth Central Bank member.

According to PAPSS, this strengthens its commitment to promote cross-border payment services and improving financial integration across Africa.

PAPSS, established by the African Export-Import Bank (Afreximbank) in partnership with the African Union and the AfCFTA Secretariat, offer single payment infrastructure that enables the real-time settlement of intra-African trade and payments in African currencies across the continent.

The grouping aims to address the current obstacles that African firms and individuals experience, in accessing efficient and cost-effective cross-border payment systems, by bringing together central banks from across the continent.

According to PAPSS, the collaboration will help Tunisian firms and citizens by “improving payment efficiency, lowering transaction costs, and increasing trade and payment options with other African countries.”

This network consists of 13 central banks: six in the West African Monetary Zone (WAMZ) region (Nigeria, Ghana, Guinea, Gambia, Liberia, and Sierra Leone), three in East Africa (Kenya, Rwanda, and Djibouti), three in Southern Africa (Zimbabwe, Zambia, and Malawi), and one in North Africa (Tunisia).

Furthermore, it is expected that more central banks will join the platform during the current year.