Breaking NewsPan-African
Accra•3h ago• 5 min read
AfCFTA Unveils Pan-African Digital Currency Clearance System to Slash Intra-Continental Trade Fees by 80%
In what economists are calling the most consequential trade milestone since the Abuja Treaty, the African Continental Free Trade Area Secretariat alongside the African Export-Import Bank have activated the next-generation Pan-African Payment and Settlement System (PAPSS 2.0).
Key Takeaways:
- •PAPSS 2.0 connects 44 central banks across Africa for direct local currency settlement.
- •Estimated to save African exporters and small businesses over $5 billion in annual FX intermediary fees.
Kwame Mensah
Chief Continental Economics Editor
