Egypt’s c. bank joins PAPSS to boost intra-African trade

The Central Bank of Egypt (CBE) has endorsed the Pan-African Payment and Settlement System (PAPSS) agreement to enhance regional banking relations and economic collaboration with African countries.

The PAPSS, created by the African Export-Import Bank (Afreximbank), streamlines cross-border payments and trade, cutting costs and processing times. This initiative aims to boost economic ties and enhance trade between Egypt and other African nations.

Rami Aboulnaga, Deputy Governor of the CBE, emphasized that joining this initiative highlights Egypt’s commitment to strengthening global and African economic relations. He noted that the conclusion of this agreement was the result of ongoing collaboration between the CBE and African central banks. It will also encourage banks operating in Egypt and African banks to join the system and stimulate cross-border financial transactions with one another.

The PAPSS membership includes 14 central banks from Nigeria, Ghana, Liberia, Guinea, Gambia, Sierra Leone, Djibouti, Zimbabwe, Zambia, Kenya, Rwanda, Malawi, Tunisia, and Comoros, as well as over 50 commercial banks.

The CBE will oversee the involvement of banks working in Egypt in the System to enhance intra-African trade, strengthen economic ties with African nations, and promote financial integration.

Attribution: CBE

Subediting: M. S. Salama