Afreximbank President Benedict Oramah announced on Wednesday that Egypt’s central bank will soon become a member of the African Export-Import Bank’s (Afreximbank) Pan-African Payment and Settlement System (PAPSS).
Oramah expressed satisfaction with the ongoing discussions to facilitate Egypt’s inclusion in Afreximbank’s PAPSS, emphasizing that Egypt’s participation is crucial for boosting intra-continental trade.
The PAPSS system currently operates using dollar exchange rates, but efforts are being made in collaboration with central banks to develop an exchange rate mechanism that will enable the conversion of Africa’s 42 currencies among themselves.
Afreximbank is actively working towards implementing commercial transactions through the PAPSS platform, which was launched in January 2022.
Oramah predicted that approximately 20 countries will have joined PAPSS by the end of the year.
Currently, the platform has begun its commercial operations with nine countries that have already signed up.
