African exchanges join hands to improve cross-border payments :: Mmegi Online

In a bid to improve the flow of capital within the continent, the Pan African Payment and Settlement System (PAPSS) and the African Stock Exchanges Association (ASEA) have signed a Memorandum of Understanding to enhance collaboration and cooperation in promoting cross-border payments for capital markets in Africa.

Efforts to fast track the agreement followed investor complaints on the toil and strain associated with making cross border payments in Africa, often marked by delayed payments and currency conversion hurdles.

Under the umbrella of ASEA, an amalgamation with a total of nine exchanges and a combined market capitalisation of $1.5 trillion, the new payment system will provide an opportunity to further enhance the African Exchanges Linkage Project (AELP), a flagship project of ASEA to facilitate cross-border trading of securities in Africa.

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