Pan African Payment and Settlement System welcomes Banque Centrale de Tunisie as its thirteenth member

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Pan African Payment and Settlement System

Pan African Payment and Settlement System welcomes Banque Centrale de Tunisie as its thirteenth member

13-02-2024 14:40:00 | by: Bob Koigi | hits: 168 | Tags:

The Pan African Payment and Settlement System (PAPSS) has announced the entry of Banque Centrale de Tunisie (BCT) into its network as its thirteenth Central Bank member, further strengthening its commitment to promoting seamless cross-border payment services and enhancing financial integration across the African continent.

PAPSS, developed by African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, facilitates real-time settlement of intra-African trade and payments, in African currencies, across the continent.

By uniting central banks from across Africa, PAPSS seeks to address the existing challenges faced by African businesses and individuals in accessing efficient and cost-effective cross-border payment services.

Banque Centrale de Tunisie’s membership in PAPSS signifies the bank’s determination to foster economic growth and development within the country and the African region. This value-adding collaboration will allow Tunisian businesses and citizens to benefit from enhanced payment efficiency, reduced transaction costs, and more opportunities to trade and pay with other African countries.

Commenting on this landmark achievement, H.E Mr. Marouane El Abassi, Governor of Banque Centrale de Tunisie said that the inclusion of BCT in the PAPSS system demonstrates the country’s commitment to regional integration within the African continent at an economic and financial level.

He further stated that this initiative supports the Government’s efforts, led by the Ministry of Commerce, to integrate Tunisia into the AfCFTA. In 2022, BCT also joined the inter-Arab payment and settlement System (BUNA), in continuation of its commitment to the country’s strategic priorities.

www.papss.com

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