Nigeria: Pan African payment system extends to North Africa

Pan African Payment and Settlement System (PAPPS) has expanded into North Africa as Banque Centrale de Tunisie (BCT) became its member.

Banque Centrale de Tunisie membership as the 13th central bank in PAPSS underscores its commitment to driving economic growth and development both within Tunisia and across the African region.

PAPSS, a collaboration between African Export-Import Bank (Afreximbank), the African Union, and the AfCFTA Secretariat, enables real-time settlement of intra-African trade and payments in African currencies, fostering economic integration across the continent.

PAPSS aims to tackle the current challenges encountered by African businesses and individuals in accessing efficient and cost-effective cross-border payment services by bringing together central banks from across the continent.

This collaborative effort will enable Tunisian businesses and citizens to enjoy improved payment efficiency, lower transaction costs, and increased opportunities for trade and payments with other African countries.

Governor of Banque Centrale de Tunisie, Mr. Marouane El Abassi, stated that BCT’s inclusion in the PAPSS system underscores the country’s dedication to regional integration within the African continent, particularly at an economic and financial level.

He highlighted that the membership aligns with the government’s initiatives, spearheaded by the Ministry of Commerce, to integrate Tunisia into the AfCFTA. Additionally, in 2022, BCT joined the inter-Arab payment and settlement System (BUNA), further demonstrating its dedication to the country’s strategic priorities.