The African Union (AU) in collaboration with Afreximbank rollout the Pan-Afrincan Payment and Settlement System (PAPSS) to provide a unique continental payment system that will support the Continent’s Common market through the African Continental Free Trade Agreement (AFCFTA).
The African Export-Import Bank and the AfCFTA Secretariat have announced the launch of the Pan-African Payment and Settlement System to enable instant, cross-border payments in local currencies between African markets.
PAPSS is designed to accept transactions in any local currency in Africa including the Lumi currency for the Eco-6 Region.
“PAPSS is a cross-border Payment and Settlement System designed to accept any African currency and the AKL. What the African Union authorities want is a single market for the Continent of Africa and as such a Pan-Afrincan Payment system must be in place.”
The African Development Bank said, it will capture the AFCFTA in its Regional integration policies to actualize the common African dream.
Chief Timothy McPherson explaining how Lumi currency will help Africa said;
“For Africa to realize the AFCFTA plan it needs a single and unified currency just like the European Union’s Euro. This is why the Diaspora Region presents the most powerful currency in the whole world (the Lumi) as a single currency for the African Market.”
Want to know how PAPSS work?
Kindly watch the video below to understand how PAPSS is designed to work. (adsbygoogle = window.adsbygoogle || []).push({});
