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Podcast: Africa Tech Radio
Episode: How to make instant and secure trans-border payments in Africa
Description: What is this PAPSS? Can it solve Africa’s trans-border payments challenge? How will it benefit small businesses in Africa? How will it contribute to restoring the economies of African countries?
Before Thursday January 13, 2022, over 80% of African cross-border payment transactions that originated from African banks had to be routed offshore for clearing and settlement using international banking relationships, which is costly & inefficient; as it takes between 2 to 14 days to complete and acts as a barrier to intra-regional trade.
The long awaited Pan-African Payments and Settlement System (PAPSS) which was piloted in Augu...