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Also known as PAPSS, this is a platform that facilitates instant cross-border payments in local currencies between countries, and could save Africans $5 billion annually, according to the Afreximbank.
Chelagui notes PAPSS operationalization will minimize risk and provide an alternative to current high-cost and lengthy correspondent banking relationships to facilitate trade and other economic activities among African countries.
Source: https://www.kbc.co.ke/african-countries-urged-to-sign-payment-and-settlement-system/