A Memorandum of Understanding was recently signed between the Nigerian Exchange and the Pan-African Payment Settlement System PAPSS to promote cross-border payments among African capital markets.
The Pan-African Payment Settlement System (PAPSS) would promote intra-African commerce. It would also aid in the diversification of the capital market.
The Securities and Exchange Commission (SEC), which is excited about its deployment, stated Dr. Okey Umeano, the head of the SEC’s Office of the Chief Economist, made this claim in an interview while in Abuja.
“This MoU begins to implement something that we have been really pleased about,” claims Umeano. African trade is made simple by PAPSS. We have always sought it because it increases the effectiveness of intra-African trade.
“It was initially designed to be used for routine daily business, but we have always wanted it to be used for the capital market because we believe that if we can connect the exchanges and markets across the continent, everyone will have access to a wider range of opportunities. As a result, we have been working on that.”
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“We are working on two initiatives, the African Exchanges Linkage Project and the West African Capital Market Integration Project. Nevertheless our main challenge has always been how to settle and make payments. Do I need to exchange my naira for dollars, then convert those dollars back to cedis, and so on, in order to purchase a Ghanaian stock? These were the only issues we faced, however thanks to PAPSS, we can streamline and improve this trade. We are grateful to Afrexim Bank for enabling me to transact in naira and receiving payment in local currency from anybody I am purchasing from in Ghana or anywhere in Africa.”
PAPSS – the Pan-African Payment and Settlement System – is a cross-border, financial market infrastructure enabling payment transactions across Africa.
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PAPSS addresses the historic challenges of making payments across African borders, adding value through a common African market infrastructure for all stakeholders, from governments, banks and payment providers to corporates, small enterprises and individuals.
