https://en.sputniknews.africa/20241204/egypt-joins-pan-african-payment-system-to-boost-intra-african-trade-report-says-1069542267.html
Egypt Joins Pan-African Payment System to Boost Intra-African Trade, Report Says
Egypt Joins Pan-African Payment System to Boost Intra-African Trade, Report Says
Sputnik Africa
Central banks from 14 countries across Africa and more than 50 commercial banks are members of the PAPSS. 04.12.2024, Sputnik Africa
2024-12-04T15:47+0100
2024-12-04T15:47+0100
2024-12-04T15:47+0100
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The Central Bank of Egypt (CBE) has joined the Pan-African Payment and Settlement System (PAPSS) created by the African Export-Import Bank (Afreximbank) to rationalize cross-border payments and trade, the State Information Service said in a report.According to the report, the move aims to reduce costs and processing times for transactions, strengthening economic ties and boosting trade between Egypt and other African nations.Joining the initiative emphasizes Egypt's commitment to expanding commercial and economic partnerships, the State Information Service quoted CBE Deputy Governor Rami Aboulnaga as saying.The CBE will oversee Egyptian banks' participation in PAPSS, furthering financial integration across the continent.
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economy, egypt, central bank, bank, banking, afreximbank, north africa, partnership, trade, finance, pan-africanism, africa
economy, egypt, central bank, bank, banking, afreximbank, north africa, partnership, trade, finance, pan-africanism, africa
Egypt Joins Pan-African Payment System to Boost Intra-African Trade, Report Says
Alla Shukanova
Writer / Editor
Central banks from 14 countries across Africa and more than 50 commercial banks are members of the PAPSS.
The Central Bank of Egypt (CBE) has joined the Pan-African Payment and Settlement System (PAPSS) created by
the African Export-Import Bank (Afreximbank) to rationalize cross-border payments and trade, the State Information Service said in a report.
According to the report, the move aims to reduce costs and processing times for transactions, strengthening economic ties and boosting trade between
Egypt and other African nations.
Joining the initiative emphasizes Egypt's commitment to expanding commercial and economic partnerships, the State Information Service quoted CBE Deputy Governor Rami Aboulnaga as saying.
The CBE will oversee Egyptian banks' participation in PAPSS, furthering financial integration across the continent.
