Pan African payment and settlement system officially released

    Xinhua news agency, Accra, January 13 (reporter Xu Zheng and Ding Lei) - the Secretariat of the African continental free trade area jointly with the Export import Bank of Africa and other institutions officially released the Pan African payment and settlement system in Accra, the capital of Ghana, on the 13th.

    It is reported that the Pan African payment and settlement system covers the African continent, supports African countries to make timely, safe and rapid payments in their own currencies on the African continent, and reduces their dependence on third-party currencies. The system has been successfully tested in Ghana, Nigeria, Gambia, Liberia, Guinea and Sierra Leone.

   At the launch ceremony, vice president mahmoudu bavumia of Ghana said that the system will end the dependence of cross-border payments among African countries on third-party currencies, benefit African small and medium-sized enterprises, production processors and exporters, promote sustainable trade and economic growth in Africa and accelerate the industrialization process.

    "This is an 'African solution' to the 'African problem', and it is also the most practical and important achievement in the field of payment system integration since the African continent got rid of colonial rule." Babumia said. He also called on African central banks to accelerate access to the system and ensure the smooth flow of funds.

   Menet, Secretary General of the Secretariat of the free trade area of the African continent, said at the release ceremony that with the implementation of the free trade area of the African continent, the volume of cross-border transactions among African countries has increased and the demand for efficient payment services has increased. This system will save $5 billion in payment costs for the African continent every year.

On January 1, 2021, the launching ceremony of free trade of the African continental free trade area was held online, marking the official launch of the African free trade area.