{"id":542784,"date":"2022-01-17T04:03:59","date_gmt":"2022-01-17T04:03:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/afreximbank-sets-up-pan-african-payment-system-to-spur-trade\/"},"modified":"2022-01-17T04:03:59","modified_gmt":"2022-01-17T04:03:59","slug":"afreximbank-sets-up-pan-african-payment-system-to-spur-trade","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/afreximbank-sets-up-pan-african-payment-system-to-spur-trade\/","title":{"rendered":"Afreximbank sets up pan-African payment system to spur trade"},"content":{"rendered":"<p><strong>Afreximbank sets up pan-African payment system to spur <\/strong><strong>intra-continental trade:<\/strong> African economies could save more than USD 5 bn per year in transaction costs thanks to a new platform from the African Export-Import Bank (Afreximbank), Ghanaian President Nana Akufo-Addo said at the platform\u2019s launch, according to an Afreximbank <a href=\"https:\/\/www.afreximbank.com\/pan-african-payment-and-settlement-system-launched-by-president-akufo-addo-foreseeing-5-billion-annual-savings-for-africa\/\">statement<\/a>. The Pan-African Payment and Settlement System (PAPSS) platform is meant to boost trade by facilitating cross-border payments in the African Union\u2019s Continental Free Trade Area (AfCFTA).<\/p>\n<p><strong>What does PAPSS do?<\/strong> Under the new system, Afreximbank will provide settlement guarantees and overdraft facilities to settlement agents. The goal is to cut the cost and speed of cross-border payments, lower liquidity requirements for commercial banks on the payments front, and strengthen oversight by central banks.<\/p>\n<p><strong>Next steps:<\/strong> President Akufo-Addo called on all central banks in Africa to sign up to the scheme.<\/p>\n<p><strong>IN OTHER AFREXIMBANK NEWS-<\/strong> <strong>African nations to get EUR 150 mn for vaccine, sustainable projects: <\/strong>The French Development Agency (AFD) and African Export-Import Bank (Afreximbank) have signed a EUR 150 mn framework of intent to support the African Vaccine Acquisition Trust (AVAT) with purchase backing and payment plans for state vaccine purchases, <a href=\"https:\/\/ent.news\/2022\/1\/Press_Release_AFD-AFREXIM.pdf\">according to a statement<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Afreximbank sets up pan-African payment system to spur intra-continental trade: African economies could save more than USD 5 bn per year in transaction costs thanks to a new platform from the African Export-Import Bank (Afreximbank), Ghanaian President Nana Akufo-Addo said at the platform\u2019s launch, according to an Afreximbank statement. The Pan-African Payment and Settlement System [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":542785,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9586],"tags":[421,423,72,422,253,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade-watch","tag-afreximbank","tag-african-continental-free-trade-area","tag-enterpriseam","tag-ghana","tag-kima","tag-trade","wpautop","entry"],"acf":{"mongo_id":"b28260c9-ee09-47f4-a9d3-18db5c535900","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/1\/189.jpg","photo_position":"above","related_issue":[542773],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Afreximbank sets up pan-African payment system to spur trade - EnterpriseAM Egypt<\/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:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/afreximbank-sets-up-pan-african-payment-system-to-spur-trade\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Afreximbank sets up pan-African payment system to spur trade\" \/>\n<meta property=\"og:description\" content=\"Afreximbank sets up pan-African payment system to spur intra-continental trade: African economies could save more than USD 5 bn per year in transaction costs thanks to a new platform from the African Export-Import Bank (Afreximbank), Ghanaian President Nana Akufo-Addo said at the platform\u2019s launch, according to an Afreximbank statement. The Pan-African Payment and Settlement System [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/afreximbank-sets-up-pan-african-payment-system-to-spur-trade\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-17T04:03:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/189.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/afreximbank-sets-up-pan-african-payment-system-to-spur-trade\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/afreximbank-sets-up-pan-african-payment-system-to-spur-trade\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Afreximbank sets up pan-African payment system to spur trade\",\"datePublished\":\"2022-01-17T04:03:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/afreximbank-sets-up-pan-african-payment-system-to-spur-trade\/\"},\"wordCount\":203,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/afreximbank-sets-up-pan-african-payment-system-to-spur-trade\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/189.jpg?fit=%2C&ssl=1\",\"keywords\":[\"AfreximBank\",\"African Continental Free Trade Area\",\"EnterpriseAM\",\"Ghana\",\"Kima\",\"trade\"],\"articleSection\":[\"TRADE WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/afreximbank-sets-up-pan-african-payment-system-to-spur-trade\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/afreximbank-sets-up-pan-african-payment-system-to-spur-trade\/\",\"name\":\"Afreximbank sets up pan-African payment system to spur trade - 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The new scheme will \u201chelp remove bottlenecks\u201d in implementing the new African Continental Freetrade Zone (AfCFTA) and\u2026","rel":"","context":"In &quot;Trade&quot;","block_context":{"text":"Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/237.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":654678,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/06\/auc-school-of-business-and-afreximbank-join-forces-to-boost-african-trade\/","url_meta":{"origin":542784,"position":1},"title":"AUC School of Business and Afreximbank join forces to boost African trade","author":"enterpriseam admin","date":"6 November 2024","format":false,"excerpt":"AUC School of Business strengthens ties with the African Export-Import Bank (Afreximbank) to shape continental and global trade. The partnership aims to support African trade while providing innovative educational solutions to tackle complex trade challenges.\u2019Kicking off in 2023, the collaboration between ExecEd and Afreximbank introduced the Certificate of Trade Finance\u2026","rel":"","context":"In &quot;A MESSAGE FROM AUC SCHOOL OF BUSINESS EXECUTIVE EDUCATION&quot;","block_context":{"text":"A MESSAGE FROM AUC SCHOOL OF BUSINESS EXECUTIVE EDUCATION","link":"https:\/\/enterpriseam.com\/egypt\/category\/a-message-from-auc-school-of-business-executive-education\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/327.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573044,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/19\/egypt-has-landed-c-usd-6-1-bn-in-loans-and-other-financing-from-afreximbank-european-investment-bank\/","url_meta":{"origin":542784,"position":2},"title":"Egypt has landed c. USD 6.1 bn in loans and other financing from Afreximbank, European Investment Bank","author":"enterpriseam admin","date":"19 July 2020","format":false,"excerpt":"DEBT WATCH- Egypt has landed c. USD 6.1 bn in loans and other financing from Afreximbank, European Investment Bank. The African Export-Import Bank (Afreximbank) has earmarked USD 3.9 bn for Egypt to mitigate covid-19 fallout and stimulate trade with the rest of the continent. Afreximbank has disbursed USD 3.55 bn\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/141.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609866,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/afreximbank-appoints-new-executive-vice-president-of-global-trade\/","url_meta":{"origin":542784,"position":3},"title":"Afreximbank appoints new executive vice president of global trade","author":"enterpriseam admin","date":"12 November 2023","format":false,"excerpt":"ElMaayergi steps into the role with nearly 26 years of banking experience.","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/534.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":624608,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/13\/trade-minister-talks-cooperation-with-afreximbank-delegation\/","url_meta":{"origin":542784,"position":4},"title":"Trade Minister talks cooperation with AfreximBank delegation","author":"enterpriseam admin","date":"13 September 2018","format":false,"excerpt":"Trade Minister Amr Nassar met with a delegation from the African Export-Import Bank (AfreximBank) to discuss enhancing cooperation in various fields including infrastructure, energy, health and oil, according to a ministry statement. The ministry hopes that through the bank\u2019s funding it will be able to establish joint industrial projects with\u2026","rel":"","context":"In &quot;Diplomacy + Foreign Trade&quot;","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":645658,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/26\/afreximbank-sczone-heads-discuss-establishing-african-investment-zone\/","url_meta":{"origin":542784,"position":5},"title":"Afreximbank, SCZone heads discuss establishing African investment zone","author":"enterpriseam admin","date":"26 July 2017","format":false,"excerpt":"Suez Canal Economic Zone (SCZone) head Mohab Mamish met yesterday with Afreximbank President Benedict Oramah to discuss establishing an African investment zone in the SCZone, Al Shorouk reports. The new area would import raw materials from Africa and re-export them to Europe and Asia. Oramah said the bank is prepared\u2026","rel":"","context":"In &quot;Diplomacy + Foreign Trade&quot;","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542784"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542784\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542773"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/542785"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542784"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542784"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}