The Pan-African Payment and Settlement System (PAPSS) is a Pan-African real-time gross settlement (RTGS) infrastructure for cross-border payments in distinct local currencies. It was publicly launched on January 13, 2022 by the African Union (AU) and the African Export-Import Bank (Afreximbank) to compliment trading under the African Continental Free Trade Area(AfCFTA).
History of PAPSS
PAPSS was first mentioned on the 7 July 2019 at the 12th Extraordinary Session of The African Union Assembly in Niamey, Niger to support the launch of the operational phase of AfCFTA. It started as a pilot project among the 6 countries in the West African Monetary Zone(WAMZ) before it became publicly available.
See also
Society for Worldwide Interbank Financial Telecommunications (Swift) Real-time gross settlement