The Pan African Payments and Settlement System (PAPSS) provides an exchange or conversion solution for the beneficiaries of the Eco-6 Lumi stimulus.
At the moment not all beneficiaries will be granted access to register on the PAPSS platform because so far only eight (8) African countries are listed to benefit from the PAPSS services. This is not to suggest that PAPSS will not be accepted in other countries but just like the Lumi currency is gradually gaining acceptance so also is the PAPSS platform.
At the moment only the following eight (8) African countries are listed to benefit the services offered or provided by PAPSS;
3. Sierra Leone
8. South Africa
Although, as the African Continental Free Trade Agreement (AfCFTA) is gradually implemented, more African countries will be added to the list.
What this means is that only Lumi beneficiaries from the countries listed can register for PAPSS services.
How to register and benefit from the PAPSS services;
There are two kinds of participants on the PAPSS platform and these are;
1. Direct Participants; In summary, direct Participants are Reserved or National Central Banks or financial institutions with license from the central bank.
2. Indirect Participants: These are Individuals or MSMEs from the above listed countries.
These are the basic eligibility criteria for the PAPSS registration. To begin, follow these steps;
1. To begin the registration process one must first start by clicking the “GET CONNECTED” button.
2. You need to fill-in your organization or Company, in any case just input “NEWS WAY INFO-TECH” if you don’t have any registered Company or Organization. There is no penalty for using a single company many times.
3. Write or input your first name as it appears on your government issued ID card.
4. Provide your email address, phone number and input your Country of origin to proceed to messaging.
5. Write a short message like “I wish to become a PAPSS participant in my Country”.
4. After the message check the reCAPTCHA (I’m not a robot) then lastly, click “CONNECT NOW”
An email will be sent to you via the email address provided during the registration. Log into your mail to access the email. When you open the email, click the link provided in the email, this is not a verification link.
When you open the link in the email, you will be provided with support options, first change it to mobile interface then click on finish registration and provide password.
Congratulations! You have just been onboarded on the PAPSS platform.
More updates on PAPSS is coming soon