| The African Union (AU) in a bid to curtailing the rate of exportation of raw minerals to foreign economies and yet suffering the setback in currency depreciation which often times leads to more borrowing from the same nations where our raw minerals are sold, sort for ways by which the continental Africa can survive on its own, optimizing much of their financial obligations through the exportation of refined products rather than raw minerals. |
This was the idea that gave birth to the “African Continental Free Trade Agreement (AfCFTA).” Under this platform, African Countries as well as sub-Regions within the Continental Africa and the Diaspora Region can trade freely without tariffs. This means, Africa has become “One Market” through this very transformational initiative.
The Pan African Payment and Settlement System (PAPSS) has to come-in in order to solve the problem of currency exchange between these Regions or African nations.
How then is PAPSS designed to work?
Just like the Swifin mode of transacting between users, where though the desired currency is selected the payment is made in the desired currency’s equivalent (Lumi). PAPSS however has a slight difference from Swifin. For instance, Mr. Vanto from South Africa can send me payment in his local currency (Rand) but as a Nigerian PAPSS will then process the payment and credit me in Naira. I don’t need to look for where to exchange the Rand.
If I send payment in Lumi currency, PAPSS will process the payment and credit the Payee in his local currency.
How do I get a PAPSS account?
Getting started with PAPSS is quite simple, PAPSS has several categories of users including Governments, Central Banks, Financial Institutions and Individuals. You can sign up as an individual or through a Financial Institution. Sign Up for PAPSS Here
What is the Benefit of PAPSS to Lumi beneficiaries?
AS beneficiaries of the Lumi Currency stimulus, we stand to benefit immensely from the transformational impact of the Pan African Payment and Settlement System (PAPSS) in several ways but first through the following ways;
- Swifin is incorporating PAPSS as one of its external payment platform where users can send Lumi to non Swifin users.
- When payments are made in Lumi the Payee will receive the equivalent in his or her local currency. This is more than just conversion.
- Investors can use their local currencies to buy Lumi without.
How are we sure that Lumi currency will be integrated on the PAPSS platform?
Lumi is the only official currency of the Diaspora Sixth Region. PAPSS recognizes all the regions of Africa including the Diaspora Region and it’s currency too. Therefore it’s currency must be added on PAPSS to pay for goods and services rendered or bought from the region.
Swifin, through their New Year messages to it’s users said, one of the one of the key things to achieve this year is to integrate Lumi into national economies and to add other pathways where Lumi can converted.
More updates coming soon
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