The Pan-African Cost and Settlement System (PAPSS), launched by African Export-Import Financial institution (Afreximbank) (www.Afreximbank.com) in collaboration with the African Union Fee (AUC) and the African Continental Free Commerce Space (AfCFTA) Secretariat, has recorded a major milestone in its journey in direction of enhancing monetary integration and financial prosperity throughout Africa with the official launch of the platform by KCB Group in Kenya and Financial institution of Kigali in Rwanda.
The launches, by the Financial institution of Kigali in Kigali on 26th February and KCB in Nairobi on 27th February, made the 2 banks the primary of their respective nations to combine the transformative system into their operations, underscoring their dedication to championing intra-African commerce and supporting the efforts of the AfCFTA.
KCB and Financial institution of Kigali prospects will now be capable of ship and obtain cross-border funds utilizing PAPSS. The service is totally operational and accessible through the banks’ cellular purposes and department networks, enabling seamless transactions throughout African borders. With this launch, companies and people can profit from sooner, less expensive, and safe funds with out counting on correspondent banks or third-party currencies.
Highlighting the advantages of PAPSS to prospects of KCB and Financial institution of Kigali, Mike Ogbalu III, CEO of PAPSS, mentioned, “The shoppers will expertise sooner, less expensive, and safe cross-border transactions from the consolation of their banks’ cellular purposes or by way of their branches. Companies can commerce extra freely and competitively by eliminating the necessity for correspondent banks outdoors the continent and eradicating dependencies on third-party currencies. This transformation is ready to unlock new alternatives for commerce and funding, permitting African SMEs to entry broader markets and contribute to native economies.”
Mr. Ogbalu III expressed deep gratitude to KCB and Financial institution of Kigali for his or her pioneering roles in adopting the PAPSS initiative and recommended Paul Russo, KCB Group CEO, and Dr. Diane Karusisi, CEO of Financial institution of Kigali, “for his or her “visionary management and unwavering dedication”.
He famous that the PAPSS community, which started in 2022 in a pilot section throughout the West African Financial Zone (WAMZ), had efficiently grown to incorporate 15 central banks, over 150 business banks, and 14 switches, including that the present “growth marks a major stride towards our objective of connecting the whole continent, making certain that each African citizen can profit from seamless, cost-effective cross-border transactions”.
“With solely 16 per cent of Africa’s complete commerce occurring intra-regionally, the launch of PAPSS in Kenya and Rwanda is a major step in unlocking the continent’s potential,” continued Mr. Ogbalu III. “We imagine that this progressive monetary market infrastructure will facilitate higher commerce alternatives, financial development, and monetary empowerment between the Jap African nations and the remainder of Africa.”
He referred to as on different central and business banks in Jap Africa to hitch the PAPSS household in an effort to play a pivotal position within the AfCFTA because it labored to construct a extra affluent and unified Africa.
Talking on the milestone, KCB Group CEO, Paul Russo, mentioned: “We need to play an even bigger position in catalyzing commerce and funds in Africa and past, leveraging our digital capabilities and regional footprint. Our entry into PAPSS aligns completely with our technique of supporting financial development in Kenya and throughout Africa by facilitating seamless monetary transactions.”
Dr. Diane Karusisi, CEO of Financial institution of Kigali, highlighted the importance of the partnership: “This technique permits individuals to ship cash rapidly. For instance, if somebody sends Rwandan francs from Rwanda, it might attain Ghana of their native foreign money. The system converts the foreign money to fulfill the native necessities. Entrepreneurs in Rwanda can now obtain funds immediately in Rwandan francs or USD from any member nation. This service is quick, inexpensive, and dependable.”
Distributed by APO Group on behalf of Afreximbank.
Contact particular person:
Papa Thiongane
communications@papss.com
Observe us on:
LinkedIn: apo-opa.co/3Dkkro2
Twitter: apo-opa.co/3QLxOkb
Fb: apo-opa.co/43otjU8
YouTube: apo-opa.co/3F5SHnI
About PAPSS:
The Pan-African Cost and Settlement System – PAPSS is a centralised Monetary Market Infrastructure that permits the environment friendly move of cash securely throughout African borders, minimising danger and contributing to monetary integration throughout the areas. PAPSS works in collaboration with Africa’s central banks to supply a cost and settlement service to which business banks and licensed cost service suppliers throughout the area can join as ‘Individuals’. Afreximbank and the African Union (“AU”) first introduced PAPSS on the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, subsequently adopting PAPSS as a key instrument for the implementation of the African Continental Free Commerce Settlement (AfCFTA). Additional, in its thirteenth (thirteenth) extraordinary session, held on December 5, 2020, the meeting of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, amongst others, work on the Pan-African Funds and Settlements System (PAPSS). The thirty fifth Bizarre Session of the Meeting of the AU additional directed the AfCFTA and Afreximbank to deploy the system to cowl the whole continent. PAPSS was formally launched in Accra, Ghana, on January 13, 2022, thus making it out there to be used by the general public.
For extra info, go to: www.PAPSS.com.
