Cairo, Feb. 12, 2024 – The Pan African Payment and Settlement System (PAPSS) has admitted Banque Centrale de Tunisie (BCT) into its network.
A statement by African Export-Import Bank (Afreximbank) on Monday, said Banque Centrale de Tunisie was admitted as the 13th Central Bank member to further promote seamless cross-border payment services and enhance financial integration across the African continent.
Afreximbank said it developed PAPSS in collaboration with the African Union and the AfCFTA Secretariat to facilitate real-time settlement of intra-African trade and payments in African currencies, across the continent.
By uniting central banks from across Africa, PAPSS seeks to address the existing challenges faced by African businesses and individuals in accessing efficient and cost-effective cross-border payment services.
Banque Centrale de Tunisie’s membership in PAPSS signifies the bank’s determination to foster economic growth and development within the country and the African region.
This value-adding collaboration will allow Tunisian businesses and citizens to benefit from enhanced payment efficiency, reduced transaction costs, and more opportunities to trade and pay with other African countries.
Commenting on this achievement, H.E Mr. Marouane El Abassi, Governor of Banque Centrale de Tunisie, said that the inclusion of BCT in the PAPSS system demonstrated the country’s commitment to regional integration within the African continent at an economic and financial level.
He said this initiative supported the government’s efforts led by the Ministry of Commerce, to integrate Tunisia into the AfCFTA.
In 2022, BCT also joined the inter-Arab payment and settlement System (BUNA) in continuation of its commitment to the country’s strategic priorities.
El Abassi called on banks and the Post Office to join this efficient and cost-effective alternative mechanism to better support Tunisian economic operators in their transactions across the African continent.
He emphasised the importance of opening new commercial opportunities with Africa and expanding Tunisia’s presence in this promising market.
Dr. George Elombi, Afreximbank Executive Vice President, said: “As the Pan-African Payment and Settlement System (PAPSS) continues to attract more countries, we are witnessing a growing belief among Africans in their own abilities and potential to drive the development of the continent through their own initiatives.
“At Afreximbank, we have unwavering confidence that PAPSS will revolutionize the payment landscape within Africa, ultimately benefiting our people.
“We extend our heartfelt gratitude to Banque Centrale de Tunisie for their trust and decision to join the PAPSS network, as it signifies a significant step towards achieving our shared goals.” (GBN)
