{"id":8872,"date":"2022-01-15T06:56:55","date_gmt":"2022-01-15T06:56:55","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=8872"},"modified":"2022-01-15T06:59:54","modified_gmt":"2022-01-15T06:59:54","slug":"pan-african-payment-system-to-save-africa-5bn-annually-afcfta","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/01\/15\/pan-african-payment-system-to-save-africa-5bn-annually-afcfta\/","title":{"rendered":"Pan-African payment system to save Africa $5bn annually \u2014 AfCFTA"},"content":{"rendered":"<p>The African Continental Free Trade Area (AfCFTA) Secretariat says the commercial roll-out of the <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/01\/14\/au-afreximbank-afcfta-inaugurate-pan-african-payment-settlement-systems\/\">Pan-African Payment &amp; Settlement System (PAPSS)<\/a> will save <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/01\/11\/u-s-sanctions-on-xinjiang-threat-to-africas-economy-centre\/\">Africa<\/a> up to US$5 billion dollars annually.<\/p>\n<p>The Secretary General of AfCFTA, H.E Wamkele Mene, made the remarks on Thursday at the Commercial Launch of the PAPSS in Accra, Ghana, which held virtually and physically.<\/p>\n<p>The News Agency of Nigeria (NAN) reports that PAPSS is a cross-border, financial market infrastructure enabling payment transactions across Africa.<\/p>\n<p>PAPSS ensures instant or near-instant transfer of funds between originators in one African country and beneficiaries in another.<\/p>\n<p>Mene said, \u201cThe great liberation struggle heroes of our continent over 60 years ago had a vision of an integrated market in Africa are rejoicing today because the dream of an integrated Africa is becoming a reality in our lifetime.&#8221;<\/p>\n<p>\u201cHow fitting it is, therefore, that the commercial launch of the PAPSS is taking place here in Ghana, a country that has always been at the intellectual and philosophical vanguard of Pan-Africanism.&#8221;<\/p>\n<p>\u201cThis project is a pioneering effort at achieving a pan-African payments and settlements system which will enable Africa to reduce reliance on third currencies, and more importantly, it has the potential to significantly boost intra-Africa trade.&#8221;<\/p>\n<p>\u201cThe commercial roll-out of the PAPSS is timely and set to boost intra-Africa trade significantly by making cross-border payments less reliant on third currencies.&#8221;<\/p>\n<p>\u201cIt is set to save the continent up to US$5 billion dollars annually, which is the amount currency convertibility costs Africa.\u201d<\/p>\n<p>Mene explained that the African continent had, in the last two years, borne the effects of the challenges of the COVID-19 pandemic, which led to border closures, restrictions and logistical difficulties that had disrupted trade and economies.<\/p>\n<p>\u201cIn the midst of this, our Heads of States took the bold decision to commence trading under the very difficult conditions that were caused by the COVID-19.&#8221;<\/p>\n<p>\u201cSince the commencement of trading under the AfCFTA on Jan 1, 2021, significant improvements were recorded in other key aspects of the implementation of the agreement,\u201d he said.<\/p>\n<p>Mene added: \u201cThey include an increase in the number of AfCFTA State parties from 35 (64 per cent) in December 2020 to 39 (73 per cent) at the end of 2021.&#8221;<\/p>\n<p>\u201cImprovement in the agreement on the AfCFTA rules of origin from 81.8 per cent to 88.6 per cent.&#8221;<\/p>\n<p>\u201cActivation and operationalisation of the Dispute Settlement Body (DSB), a key pillar in the successful implementation of the agreement, in April.\u201d<\/p>\n<p>According to the AfCTA Secretary General, the Appellate body was also being constituted.<\/p>\n<p>He also cited the successful hosting of the second edition of the IATF in Durban, South Africa, in November 2021, where a record US$ 42.1 billion trade and trade-related deals were concluded.<\/p>\n<p>\u201cContinuation of preliminary work on the phase II negotiations covering protocols on Intellectual Property, Investment, Competition Policy, Digital Trade (e-commerce), and Women and Youth in Trade.&#8221;<\/p>\n<p>\u201cAll these are a testament to the fact that momentum to implement the AfCFTA Agreement, one of the flagship projects of Agenda 2063, to achieve an integrated, prosperous and peaceful Africa, is on course.&#8221;<\/p>\n<p>\u201cWith the launch of the PAPPS, a critical tool of boosting intra-Africa trade, the implementation of the AfCFTA is well positioned to benefit SMEs, young entrepreneurs and those trading across borders in Africa.&#8221;<\/p>\n<p>\u201cThis is by significantly reducing the cost of trading across borders in Africa,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The African Continental Free Trade Area (AfCFTA) Secretariat says the commercial roll-out of the Pan-African Payment &amp; Settlement System (PAPSS) will save Africa up to US$5 billion dollars annually. The Secretary General of AfCFTA, H.E Wamkele Mene, made the remarks on Thursday at the Commercial Launch of the PAPSS in Accra, Ghana, which held virtually [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":8874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[19],"tags":[2567,2566,2565],"class_list":["post-8872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-african-continental-free-trade-area-afcfta","tag-pan-african-payment-settlement-system-papss","tag-wamkele-mene"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Pan-African payment system to save Africa $5bn annually \u2014 AfCFTA &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/01\/15\/pan-african-payment-system-to-save-africa-5bn-annually-afcfta\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pan-African payment system to save Africa $5bn annually \u2014 AfCFTA\" \/>\n<meta property=\"og:description\" content=\"The African Continental Free Trade Area (AfCFTA) Secretariat says the commercial roll-out of the Pan-African Payment &amp; Settlement System (PAPSS) will save Africa up to US$5 billion dollars annually. 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