By Rachel Mohamed
In this week’s edition of African Mirror, the Pan-African Payment and Settlement System (PAPSS), launched at the end of last month, was introduced as a means to facilitate trade for travelers and strengthen economic integration among African nations. The newly implemented financial system is being hailed as a critical step toward achieving financial sovereignty on the continent.
Speaking on VOC’s airwaves, Dr. Paul Kariuki, Executive Director of the Democracy Development Programme and convener of the African Policy Circle, explained that PAPSS is an African Union initiative designed to support the African Continental Free Trade Area (AfCFTA) by improving trade efficiency among member states.
“It was essential to develop a financial system that would enable African nations to trade more efficiently and with less hassle compared to using international currencies like the dollar and the euro,” he stated. “PAPSS is truly a transformative platform that allows African countries to trade with one another and supports the Intra-Africa Trade that the AfCFTA envisioned.”
Listen for the full interview:
VOC News
Photo: Pan-African Payment And Settlement System-PAPSS / Facebook
