APD 2024: PAPPS to roll out Africa currency trading platform, says Oramah

The Pan African Payment and Settlement System (PAPPS) will in April this year roll out an African currency trading platform, Prof Benedict Okey Oramah, president and chairman of the board of directors of the African Export–Import Bank ((Afreximbank)) has said.

PAPPS which was launched to make cross-border transactions seamless, has since brought onboard over 25 commercial banks onto its system since its launch by the African Union and the Afreximbank in 2022.

Speaking at the just-ended Africa Prosperity Dialogue at Aburi on Saturday (27 January), Oramah said the move will also ease air travel.

“By April 2024, PAPPS will launch an African currency trading platform. This will unblock funds locked in various African countries due to a lack of foreign exchange. We also believe it will ease air travels because airlines will also have their funds unblocked,” he said.

“A continent with over 42 different currencies and payment systems, cannot trade among itself. That’s why we have collaborated with the AfCFTA and the AU Commission to develop a common payment platform, the Pan African Payment and Settlement System in order to create a single payment rail for the continent.” Oramah added. 

Reporting by Fred Dzakpata in Aburi

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