Global EditionASIA 中文雙語Fran?ais
    World
    Home / World / Africa

    African payment system welcomed as spur for trade

    By OTIATO OPALI in Nairobi, Kenya | China Daily | Updated: 2021-09-30 10:29
    Share
    Share - WeChat
    An ATM is seen in the banking hall at the Kenya Commercial Bank, Kencom branch in Nairobi, on July 10, 2018. [Photo/Agencies]

    An Africa-wide payment system aimed at boosting trade within the region has come into service.

    The initiative is backed by the African Export-Import Bank, or Afreximbank, and the secretariat of the African Continental Free Trade Area, or AfCFTA.

    The Pan-African Payment and Settlement System, or PAPSS, which enables centralized payment and settlement, has been welcomed as providing a spur for intra-African trade.

    The system was conceived by the African Union as a means of accelerating regional trade under the AfCFTA, a free-trade area that came into effect in January. The system will facilitate payments as well as formalize some of the unrecorded trade flows that result from the informal nature of much of cross-border trade in Africa.

    Its backers say it will also provide alternatives to costly correspondent banking relationships to facilitate trade and other economic activities among African countries through a risk-controlled payment clearing and settlement system.

    Benedict Oramah, chairman of the PAPSS management board and Afreximbank president, said that with the system's implementation, Africa can expect to begin to reap the fruits of the free-trade pact.

    "The PAPSS is not positioned to replace existing regional and national payment systems but to collaborate and work with them in better integrating African economies for the benefit of all," Oramah said.

    Wamkele Mene, secretary-general of the AfCFTA secretariat, said the system provides Africa with a greater capacity to conduct cross-border transactions and expand the scale of "both active and latent opportunities" for enhanced intra-African trade.

    The African Union expects the system will serve as a continentwide platform for the processing, clearing, and settling of intra-African trade and commerce payments.

    The PAPSS has been tested in the West African Monetary Zone with transactions done in an instant. To accelerate the system's expansion, Afreximbank has approved $500 million to support clearing and settlement in countries within the West African zone. An estimated additional $3 billion will be made available to support the implementation of the system across the continent.

    Most Viewed in 24 Hours
    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    最近中文字幕高清免费中文字幕mv| 无码人妻AⅤ一区二区三区| 在线精品无码字幕无码AV| 国产精品热久久无码av| 久久亚洲精品成人无码网站| 亚洲日韩中文无码久久| AV无码久久久久不卡网站下载| 一本精品中文字幕在线| 最好看的2018中文在线观看| 久久久久无码精品国产不卡| 无码人妻一区二区三区一| 人妻无码中文久久久久专区| 成人无码区在线观看| 色情无码WWW视频无码区小黄鸭| 亚洲乱码中文字幕手机在线| 国产a v无码专区亚洲av| 亚洲国产精品无码久久98| 中文无码喷潮在线播放| 中文字幕高清有码在线中字| 中文字幕无码成人免费视频| 成人无码免费一区二区三区| 免费无遮挡无码永久视频| 亚洲AV综合色区无码另类小说| 丝袜无码一区二区三区| 亚洲日本中文字幕天天更新| 亚洲福利中文字幕在线网址| 国产区精品一区二区不卡中文| 中文字幕AV一区中文字幕天堂| 人妻少妇看A偷人无码精品视频| 国产爆乳无码视频在线观看| 国产成人无码久久久精品一| 精品久久久久久无码专区不卡 | 中文一国产一无码一日韩| 亚洲欧美在线一区中文字幕| 视频一区二区中文字幕| 中文字幕一区二区三区日韩精品| 最近高清中文在线字幕在线观看| 久久AV高潮AV无码AV| 亚洲成AV人在线观看天堂无码| 亚洲av无码成人黄网站在线观看| 亚洲2022国产成人精品无码区|