Good news!
"... with payments processed in seconds rather than days. Such transactions have long been settled in dollars or euros, adding significant delays and fees even when both the sender and recipient were in Africa. The Bank of Central African States recently joined the initiative, bringing the network to 28 African countries."
"“The Bank of Central African States (BEAC) has officially joined the Pan-African Payment and Settlement System (PAPSS), marking a significant step in strengthening Africa’s cross-border payment infrastructure and opening a new chapter for financial integration in Central Africa while driving greater intra-African trade. ..."
"... As one of only two regional central banks on the continent, BEAC serves the six member countries of the Central African Economic and Monetary Community (CEMAC)—Cameroon, Central African Republic, Republic of Congo, Gabon, Equatorial Guinea and Chad. Its participation provides PAPSS with a strategic entry point into Francophone Africa and significantly expands the reach of the network across the continent.
With BEAC joining the network, PAPSS now connects 28 African countries, bringing together more than 190 commercial banks and fintechs, supported by 16 switches. Through its extended network partners, PAPSS participants are also able to send money to more than 250 additional financial institutions. ..."
BEAC Joins PAPSS, Connecting Payments between CEMAC and the Rest of Africa (original news release)
No comments:
Post a Comment