The Pan African Payment and Settlement System (PAPSS) is pleased to announce the addition of Banque Centrale de Tunisie (BCT) as its thirteenth Central Bank member, signaling a strong commitment to promoting seamless cross-border payment services and boosting financial integration across the African continent.
PAPSS, established by African Export-Import Bank (Afreximbank) in partnership with the African Union and the AfCFTA Secretariat, enables real-time settlement of intra-African trade and payments in African currencies. By bringing together central banks from across Africa, PAPSS aims to address the challenges faced by African businesses and individuals in accessing efficient and cost-effective cross-border payment services.
The membership of Banque Centrale de Tunisie in PAPSS is a testament to the bank’s dedication to fostering economic growth and development within the country and the African region. This collaboration will enable Tunisian businesses and citizens to enjoy improved payment efficiency, reduced transaction costs, and increased opportunities to trade and pay with other African countries.
H.E Mr. Marouane El Abassi, Governor of Banque Centrale de Tunisie, emphasized that the inclusion of BCT in the PAPSS system demonstrates the country’s commitment to regional economic and financial integration within the African continent, in line with the Government’s efforts to integrate Tunisia into the AfCFTA.
Furthermore, Banque Centrale de Tunisie has chosen to join PAPSS under the commercial bank settlement model, which will help preserve its foreign currency reserves and promote the use of the Tunisian Dinar for cross-border payments with the rest of Africa. This strategic move is expected to enhance the value of the Tunisian currency and reduce reliance on foreign currencies.
Mr. El Abassi called upon banks and the Post Office to join this efficient and cost-effective alternative mechanism, highlighting the importance of opening new commercial opportunities with Africa and expanding Tunisia’s presence in the African market.
Dr. George Elombi, Executive Vice President of Afreximbank, expressed delight at welcoming Banque Centrale de Tunisie into the PAPSS network, emphasizing the growing belief among Africans in their potential to drive the continent’s development through their own initiatives.
As more central banks are anticipated to join the platform throughout the current year, PAPSS continues to expand its footprint across Africa, with 13 central banks from four regions already on board. This growth underscores the transformative role of PAPSS in simplifying cross-border payments on the continent and facilitating trade and investment flows within Africa.
For more information about PAPSS, visit www.PAPPS.com or follow their updates on LinkedIn, Twitter, Facebook, and YouTube.
