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.