The African Continental Free Trade Area got a major boost last week, as the much anticipated Pan-African Payments and Settlement System (PAPSS) was officially launched in Accra, Ghana.
According to PAPSS will enable a customer in one African country to pay in their own currency, while a seller in another country receives payment in their own currency.
After a successful pilot in the West African Monetary Zone (WAMZ), the payment system was launched commercially. Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone make up the WAMZ, a West African economic and integration organization.