PAPSS and BUNA will collaborate to build a payment gateway between Africa and the Middle East
To improve trade between the African continent and Middle Eastern Countries, Afreximbank and the African Union will support the development of a payment gateway between PAPPS and BUNA.
In an April 26, 2022, press release, Afreximbank announced that the Pan African Payment and Settlement System (also known as PAPSS and developed by Afreximbank and the African Union) would collaborate with BUNA (the Arab Monetary Fund’s cross-border payment system) to build a payment gateway between Africa and the Arab region.
“This collaboration lays the foundation for the interoperability between PAPSS and BUNA payment systems; their participants will be able to make fast, secure and affordable transactions in their local currencies between the African continent and the Arab region.“ Afreximbank
According to the United Nations Economic and Social Commission for Western Asia (ESCWA), the lack of Arab-African trade integration can be estimated at an annual average of 0.2 per cent of GDP or 1.6 per cent of GDP or more of cumulative cost by 2025.
“The Arab World and Africa have a long history of trade relations, and the PAPSS-BUNA partnership will further facilitate trade growth between the two regions. The integration will provide banks across Africa and the Arab World with a seamless one-stop centre to help their clients transfer value to their counterparts in either region.“ Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank and Chairperson of PAPSS Management Board
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