{"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":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":1},"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. 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The loan will include ESG and Islamic finance components, with the ESG tranche set to target green projects under the Finance Ministry\u2019s green financing framework, Emirates NBD,\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562797,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/07\/more-help-is-on-the-way-for-smes-courtesy-of-afreximbank\/","url_meta":{"origin":542784,"position":4},"title":"More help is on the way for SMEs, courtesy of Afreximbank","author":"enterpriseam admin","date":"7 June 2021","format":false,"excerpt":"Afreximbank will loan United Bank USD 600 mn for on-lending to SMEs and to support trade finance, Masrawy reports, citing sources it says are in the know. Afreximbank provided a credit facility of the same amount to the bank last year to help SMEs access financing during the covid-19 pandemic,\u2026","rel":"","context":"In &quot;SMEs&quot;","block_context":{"text":"SMEs","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/smes\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596884,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/10\/afreximbank-dedicates-usd-1-bn-to-afcfta-egypt-tanzania-summit-kicks-off\/","url_meta":{"origin":542784,"position":5},"title":"Afreximbank dedicates USD 1 bn to AfCFTA, Egypt-Tanzania summit kicks off","author":"enterpriseam admin","date":"10 July 2019","format":false,"excerpt":"Afreximbank dedicates USD 1 bn to support AfCFTA: Afreximbank has decided to allocate USD 1 bn to help countries that fear facing losses as a result of the AfCFTA agreement, President Benedict Oramah said on the sidelines of the African Union summit in Niger. The money aims to encourage countries\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}]}}