PAPSS functions as a financial framework that enables cross-border payments in African currencies, eliminating the necessity for intra-Africa trade to be contingent on US dollar foreign reserves.
Presently, nine central banks have officially embraced PAPSS, with over 70 banks across Africa, including Botswana, having endorsed its adoption. During a recently concluded roadshow for the Intra-African Trade Fair in Gaborone, Gainmore Zanawe, a senior manager at Afreximbank, emphasised that as the Africa Continental Free Trade Area (AfCFTA) agreement disrupts established global trade patterns, it is imperative to establish robust financial systems that facilitate seamless payment for goods and services throughout the continent.
