Published 2 years ago

Business Maverick: New Africa Payment System to Save $5 Billion in Fees, Lift Trade

Summary by Ground News

The Pan-African Payment and Settlement System will facilitate intra-regional trade and payments. Traders have, until now, had to settle payments via U.S. and European banks. The new system is expected to save the continent about $5 billion in offshore clearance and transaction costs.

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Daily Maverick

Business Maverick: New Africa Payment System to Save $5 Billion in Fees, Lift Trade

Africa’s new cross-border payment system is expected to save the continent billions of dollars in annual transaction costs and bolster shipments in the world’s largest free-trade zone, according to Mahamudu Bawumia, the vice president of Ghana.

2 years ago·South Africa

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