{"id":9882,"date":"2022-02-02T07:26:17","date_gmt":"2022-02-02T07:26:17","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/how-can-the-new-pan-african-payment-and-settlement-system-boost-trade"},"modified":"2022-02-02T08:07:40","modified_gmt":"2022-02-02T08:07:40","slug":"how-can-the-new-pan-african-payment-and-settlement-system-boost-trade","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/how-can-the-new-pan-african-payment-and-settlement-system-boost-trade","title":{"rendered":"How can the new Pan-African Payment and Settlement System boost trade?"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Mauritius. <\/strong><\/span>The Pan-African Payment and Settlement System (PAPSS), which is expected to save the region $5bn in transaction fees and deepen trade under the African Continental Free Trade Area (AfCFTA) agreement, has gone live.<\/p>\n<p>But how does it work?<\/p>\n<p>The system will enable the continent to retain on home soil the $5bn paid in annual fees to foreign banks in clearing charges for third-party currencies \u2013 such as the US dollar, the British pound and the euro \u2013 used to settle trade transactions.<\/p>\n<p>The PAPSS will also address some of the key structural deficiencies within Africa\u2019s payment infrastructure, which are impediments to achieving greater levels of trading on the continent.<\/p>\n<p>\u201cWhy should we require hard currencies for trade between Kenya and Uganda or between Senegal and Guinea?\u201d asked Afreximbank president and chairperson Benedict Oramah.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/mauritius\">Mauritius<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Mauritius. The Pan-African Payment and Settlement System (PAPSS), which is expected to save the region $5bn in transaction fees and deepen trade under the African Continental Free Trade Area (AfCFTA) agreement, has gone live. But how does it work? The system will enable the continent to retain on home soil the $5bn paid [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":9881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,6,8,16],"tags":[233,245,474,241],"class_list":["post-9882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-files","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mauritius","tag-african","tag-mauritius"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How can the new Pan-African Payment and Settlement System boost trade? - Mauritius<\/title>\n<meta name=\"description\" content=\"The Pan-African Payment and Settlement System (PAPSS), which is expected to save the region $5bn in transaction fees and ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/how-can-the-new-pan-african-payment-and-settlement-system-boost-trade\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How can the new Pan-African Payment and Settlement System boost trade?\" \/>\n<meta property=\"og:description\" content=\"The Pan-African Payment and Settlement System (PAPSS), which is expected to save the region $5bn in transaction fees and ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/how-can-the-new-pan-african-payment-and-settlement-system-boost-trade\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-02T07:26:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-02T08:07:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/02\/img-61fa3bb3cd76a.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"732\" \/>\n\t<meta property=\"og:image:height\" content=\"418\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/how-can-the-new-pan-african-payment-and-settlement-system-boost-trade#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/how-can-the-new-pan-african-payment-and-settlement-system-boost-trade\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"How can the new Pan-African Payment and Settlement System boost trade?\",\"datePublished\":\"2022-02-02T07:26:17+00:00\",\"dateModified\":\"2022-02-02T08:07:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/how-can-the-new-pan-african-payment-and-settlement-system-boost-trade\"},\"wordCount\":155,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/how-can-the-new-pan-african-payment-and-settlement-system-boost-trade#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/02\/img-61fa3bb3cd76a.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"African\",\"Mauritius\"],\"articleSection\":[\"all news\",\"economy\",\"files\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/how-can-the-new-pan-african-payment-and-settlement-system-boost-trade#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/how-can-the-new-pan-african-payment-and-settlement-system-boost-trade\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/how-can-the-new-pan-african-payment-and-settlement-system-boost-trade\",\"name\":\"How can the new Pan-African Payment and Settlement System boost trade? 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