Morocco joins Pan-African payment and settlement system

Morocco’s Central Bank has joined the Pan-African Payment and Settlement System (PAPSS),a centralized financial market infrastructure that enables the efficient flow of money securely across African borders,minimizing risk and contributing to financial integration across the Continent.

Morocco becomes the 17th country adhering to PAPSS developed by the African Export-Import Bank (Afreximbank) in partnership with the African Union.

PAPSS enables real-time,efficient,and cost-effective cross-border payments in local currencies. It enhances continent’s financial integration,intra-African trade and represents a key instrument for the implementation of the African Continental Free Trade Area (AfCFTA).

In a press release issued Monday,Mike Ogbalu III,CEO of PAPSS,said: “We are delighted to welcome Bank Al-Maghrib to the PAPSS family which is expanding as the solution for Africa’s cross-border payment challenges. With more countries joining,we are taking significant strides towards a truly unified African market,driving down transaction costs and empowering businesses and individuals across the continent.”

PAPSS system connects African central banks and facilitates seamless cross-border trade,payment flows,and investment. PAPSS has developed and launched 3 payment solutions: PAPSS Instant Payment System (IPS),PAPSS African Currency Marketplace (PACM),and the PAPSSCARD.