Ethiopia’s central bank has joined the Pan-African Payment and Settlement System (PAPSS), the \u200bplatform said on Thursday, bringing the country \u200ccloser to full integration into the continent’s financial and payments system.<\/p>\n
PAPSS allows parties to transact directly \u200bin local currencies, aiming to boost trade \u200band commerce by cutting costs of cross-border \u2060payments.<\/p>\n
It allows businesses to bypass the dollar \u200bduring transactions, and removes the need for \u200bcorrespondent banks abroad that payments were routed through in the past.<\/p>\n
“Ethiopia\u2019s integration into the PAPSS network represents an \u200bimportant step in our continued efforts to \u200bmodernise our financial system and deepen our economic connections \u200cwith \u2060the rest of Africa,” Eyob Tekalign, the governor of the bank, said in a statement.<\/p>\n
Launched in January 2022 with just 10 commercial \u200bbanks, PAPSS \u200bis now \u2060operates in more than 15 countries including Nigeria, Zambia, Malawi, Kenya \u200band Tunisia, and has more than \u200b150 \u2060commercial banks in its network – though South Africa remains outside the network.<\/p>\n
It is designed to complement \u2060regional \u200btrade integration efforts by \u200bsupporting payments, including the implementation of the African Free Trade \u200bArea.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ethiopia’s central bank has joined the Pan-African Payment and Settlement System (PAPSS), the \u200bplatform said on Thursday, bringing the country \u200ccloser to full integration into the continent’s financial and payments system. PAPSS allows parties to transact directly \u200bin local currencies, aiming to boost trade \u200band commerce by cutting costs of cross-border \u2060payments. It allows businesses […]<\/p>\n","protected":false},"author":6,"featured_media":22304,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":6,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_comment_section":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Reuters","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[29,32,2362],"tags":[114,111,274,175,5536,178,394],"class_list":["post-22303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-africa","category-economy","category-featured","tag-ethiopia","tag-kenya","tag-malawi","tag-nigeria","tag-pan-african-payment-and-settlement-system-papss","tag-tunisia","tag-zambia"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/22303","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=22303"}],"version-history":[{"count":1,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/22303\/revisions"}],"predecessor-version":[{"id":22305,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/22303\/revisions\/22305"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/22304"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=22303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=22303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=22303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}