Morocco integrates into Pan-African financial system
Morocco’s Central Bank has joined the Pan-African Payment and Settlement System (PAPSS), a pan-African financial system facilitating efficient and secure exchange of money among African nations, reports The North Africa Post on July 7th.
Morocco becomes the 17th member of the association, and will perhaps boost the momentum of its economic recovery from years of stagnation, as reported by Maghrebi.org on July 2nd. PAPSS would simplify export for the nation’s recovering primary and secondary sectors, as well as ease imports for its strongly rebounding tertiary sector.
The centralised market infrastructure offers minimised risk and contributes to financial integration across Africa. Developed by the African Export-Import Bank (Afreximbank) in partnership with the African Union, it allows for real-time and cost-effective cross-border payments in local currencies. PAPSS has developed and launched 3 payment solutions: PAPSS Instant Payment System (IPS), PAPSS African Currency Marketplace (PACM), and the PAPSSCARD.
In these ways PAPSS facilitates inter-African trade, and lends itself to the implementation of the African Continental Free Trade Area (AfCFTA). A framework initiated by the African Union, that promises trade and economic development on the continent.
Mike Ogbalu III, CEO of PAPSS, said: “We are delighted to welcome Bank Al-Maghrib to the PAPSS family which is expanding as the solution for Africa’s cross-border payment challenges. With more countries joining, we are taking significant strides towards a truly unified African market, driving down transaction costs and empowering businesses and individuals across the continent.”
As Morocco continues to remain ever politically stable, its domestic and external economic outlooks will continue to benefit, as evidenced by the increasing reports of economic initiatives of the nation.
The North Africa Post, Maghrebi.org
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