AfCFTA experiments special payment system as 38 countries ratify agreement

After 38 countries’ ratification of the agreement on African Continental Free Trade Area (AfCFTA), the continental bloc has kick-started pilot phase of the central payments and settlement market infrastructure.
Tagged, “Pan African Payment and Settlement System (PAPSS)’’, the business transaction and payment method in the implementation of AfCFTA is being experimented in six West African countries.
PAPSS is a centralised payment and settlement market infrastructure for processing, clearing and settling of intra-African trade and commerce payments.
The 55-member states of the Africa Union (AU) established the AfCFTA to create a single continent-wide market for goods and services and to promote the movement of capital and natural persons.
On January 1, 2021, AfCFTA implementation officially came into force to deepen economic integration and promote single market of goods and services on the continent.
“We are still waiting for others to ratify the agreement,’’ Mr Wamkele Mene, the Secretary-General AfCFTA Secretariat in Accra, Ghana, told the media in Abuja on Wednesday..

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